Shiba Inu Burns 13 Million SHIB In One Transaction, But Daily Transactions Plummet: What's Going On?

Despite a 30.4% decline in Shiba Inu's SHIB/USD price over the past month, the community continues its burn mechanism to reduce supply. However, the latest burn rate remains weak, signaling a limited impact on price momentum.

Technical Analysis: Benzinga's technical analysis suggests a neutral market stance, with Shiba Inu's Relative Strength Index (RSI) at 43, indicating no strong buy or sell signals.

The 100-day Simple Moving Average (SMA) is positioned above both the 50-day and 200-day SMAs, a sign of potential medium-term bullish momentum. The 200-day SMA remains below the 100-day SMA, suggesting a longer-term positive trend despite recent weakness.

Statistics: Shibburn data shows 13.8 million SHIB burned in a single transaction, bringing the total number of coins burned in the past 24 hours to 16.1 million SHIB. Shibariumscan data shows daily transactions plummeted from 4.64 million as of Feb. 15 to 1.72 million as of Feb. 16.

IntoTheBlock data shows large transaction volume increased 5.5% while daily active addresses spiked 197% in a single day.

What's Next: The drastic drop in transactions raises concerns about engagement within the ecosystem, while SHIB burn efforts remain limited in impact. Investors will be watching closely for a potential rebound or deeper correction in the coming weeks.

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