16% Weekly Gain as Burn Rate Soars 8,400%
The post 16% Weekly Gain as Burn Rate Soars 8,400% appeared on BitcoinEthereumNews.com.
TLDR Shiba Inu (SHIB) has surged 16% this week with trading volume up 228% SHIB burn rate jumped by an astounding 8,400% as anonymous wallet destroyed tokens Technical indicators show strong bullish momentum with RSI at 61 Analysts predict potential 2x gains with price targets between $0.0000134 and $0.0000297 by end of March SHIB futures open interest increased 30% to over $166.74 million, signaling strong trader demand Shiba Inu (SHIB) has jumped 16% this week, trading at $0.00001553 as of March 26, 2025. This price movement comes alongside a spike in trading volume and a massive token burn event. The cryptocurrency has seen its trading volume increase by 228% over the past 30 days. This surge in market activity indicates growing interest from traders and investors alike. One of the key drivers behind this price action is an extraordinary 8,400% increase in the SHIB burn rate. An anonymous wallet destroyed a large number of tokens, reducing the circulating supply. When tokens are burned, they are permanently removed from circulation. This reduction in supply can have a positive effect on price if demand remains steady or increases. Technical indicators are supporting this bullish move. The Relative Strength Index (RSI) currently sits at 61, showing strong upward momentum without yet reaching overbought territory. The Moving Average Convergence Divergence (MACD) has formed a bullish crossover. This signal typically indicates continued upward price movement in the near term. SHIB has broken above a key downtrend line that now serves as major support. This technical breakthrough often precedes further gains as it confirms a shift in market sentiment. Market Analysis Analysts suggest that if SHIB maintains support at the $0.000012 level, it could soon reach $0.000016. A breakout above current resistance could push prices toward $0.000019. For SHIB to continue its bull rally, it needs…
Filed under: News - @ March 27, 2025 11:20 am