Shiba Inu (SHIB) Burn Rate Explodes by 2,000% Weekly: Further Price Rally Incoming?
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...
Latest News
- BTC Hits New ATH, ETH Pushes Higher as Trump-Putin Meeting Grabs Spotlight: Your Weekly Crypto Recap2025-08-15 13:29:41
- Will Bitcoin’s Next Move Be Explosive? Here’s What the Data Says2025-08-15 12:43:57
- Arthur Hayes on the Move Again: Here’s What He Bought Today2025-08-15 12:26:26
- Has XRP’s Bull Run Just Begun or Is the Top Already In? AI Models Predict 2025 Peak Price2025-08-15 11:31:55
- Ethereum Exit Queue Heating up Again: 808,880 ETH Worth $3.7B Held Up2025-08-15 10:43:15