Shiba Inu (SHIB) Burn Rate Explodes by 2,000% Weekly: Further Price Rally Incoming?
2025-07-14 11:59:49
Main Idea
Shiba Inu (SHIB) has experienced a significant price increase and market capitalization growth, supported by token burns and reduced selling pressure, but faces potential short-term correction risks.
Key Points
1. SHIB's price increased by around 17% in the past week, with its market capitalization exceeding $8 billion.
2. Over one billion SHIB tokens were burned in the past seven days, a 2,080% surge compared to the previous week, aiming to reduce supply and increase scarcity.
3. Reduced selling pressure is noted as SHIB moves from centralized platforms to self-custody.
4. The Relative Strength Index (RSI) suggests SHIB might be due for a short-term pullback after rapid price increases.
Description
TL;DR SHIB’s recent price pump coincides with a substantial resurgence of the project’s burning program. Despite strong fundamentals, Shiba Inu’s RSI is nearing 70, indicating it may be overbought and could face a brief correction. More Gains Ahead? Shiba Inu (SHIB) has followed the impressive resurgence of the cryptocurrency market over the past week, posting a price increase of around 17%. Its market capitalization exceeded $8 billion, solidifying the asset’s position as the second-largest mem...
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