Shiba Inu Burn Rate Spikes 2,227%: What's Going On?

‘Dogecoin Killer' Shiba Inu's SHIB/USD relatively flat performance over the past week has not stopped its burn rates from increasing.

Cryptocurrency	Price	Market Cap	24-Hour Trend	7-Day Trend
Shiba Inu SHIB/USD	$0.00002167	$12.8 billion	-5.2%	-2.2%
Dogecoin DOGE/USD	$0.314	$46.3 billion	-5%	-1.5%
Pepe PEPE/USD	$0.00001743	$7.3 billion	-5.5%	-1.2%

Technical Analysis: Benzinga technical analysis shows Shiba Inu's RSI is oversold at 28.6. This suggests that the price has fallen significantly over a short period, with potential for a price rebound or reversal.

Traders may interpret an RSI below 30 as a signal to look for a buying opportunity, expecting the price to recover soon. However, technical indicators do not predict price action.

Meanwhile, the 200-day simple moving average is below the 50-day and 100-day SMAs, implying a transition from a downtrend to an uptrend. It indicates that the longer-term average price (200-day) is beginning to align with recent upward momentum, suggesting potential for sustained bullishness.

Statistics: Shibburn data shows the ecosystem burned 20.9 million SHIB in the past 24 hours, pushing the burn rate higher by 2,227.6%.

Around 19 hours ago, a single transaction involved the burning of 13.1 million SHIB and around four hours ago, a single transaction burned 1 million SHIB coins.

Whale Alert data shows 2.88 trillion SHIB transferred from a Turkish exchange to an unknown wallet.

BtcTurk responded that these transfers are part of wallet optimization efforts and fully managed by them, and there is nothing out of the ordinary.

IntoTheBlock data shows large transaction volume increasing by 169.9% in a single day. Shibariumscan data shows daily transactions spiked from 4.51 million to 4.74 million in a single day.

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