'Dogecoin Killer' Shiba Inu's Burn Rate Spikes 8,193%, But Technical Analysis Has Bad News For Bulls

Shiba Inu's SHIB/USD dull monthly performance and technical indicators point to further short-term weakness for the popular meme coin.  

What Happened: Shiba Inu’s burn rate has surged by 8,193.6% since burning 1 million coins around 13 hours ago, according to Shibburn data. The remaining 2.1 million coins were burned across several transactions.

According to Benzinga's technical analysis, Shiba Inu's relative strength index of 50 shows the meme coin in neutral territory. However, the simple moving average (SMA) chart indicates that both the 100-day Simple Moving Average (SMA) and the 50-day SMA are below the 200-day SMA, pointing to market weakness for the meme coin.

According to this technical data, sellers may have control, flagging a warning for further price declines unless momentum reverses.

Also Read: ‘Dogecoin Killer’ Shiba Inu Removes 12M Coins From Ecosystem Within 24 Hours, New Accounts More Than Double

Why It Matters: IntoTheBlock data shows large transactions slumped 65.5% in the past 24 hours. However, daily active addresses increased by 6.9%.

Indodax, an Indonesian crypto exchange, was attacked, with the hacker stealing various tokens from hot wallets. Around 9 billion SHIB were stolen from the exchange as total damages tally to $22 million.

Price Action: In the past 24 hours, SHIB is trading 1.6% down, taking its monthly loss to around 6%.

What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: 

• ‘Dogecoin Killer’ Shiba Inu Confirms Bullish Patterns, Eyes 231% Recovery To 2024 Highs As Burn Rate Soars

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