Shiba Inu Burn Rate Soars 5,440%, But Why Do Technicals Flash 'Sell'?

Shiba Inu SHIB/USD is benefiting from renewed optimism in crypto markets, but technical analysis suggests caution despite rising burn rates.

Trader Notes: According to TradingView's technical analysis, SHIB's Relative Strength Index (RSI) sits at 38.5, indicating oversold conditions. This could suggest a potential buying opportunity if market conditions improve.

The Simple Moving Average (SMA) model still signals a Sell rating, suggesting that downside risk remains.

Statistics: Shibburn data shows 39.2 million SHIB were burned in the past 24 hours, pushing the burn rate higher by 5,440.9%. There were two transactions of 12.8 million SHIB and 20 million SHIB recorded within the last 22 hours.

IntoTheBlock data shows large transaction volume and daily active addresses are down 11.6% and 13.3%, respectively, in a single day. Transactions greater than $100,000 moved higher from 118 to 124.

Community News: In an X post on Monday, Lucie, Shiba Inu's marketing lead, urged investors not to lose faith in BONE BONE/USD, comparing its potential to Cardano in 2017 and XRP in 2012, when both remained flat before massive breakouts. She believes Shibarium's adoption could position BONE for similar long-term growth.

Additionally, in an X post on Sunday, Lucie hoped that SHIB and BONE could eventually be part of the crypto reserve in the United States.

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