'Dogecoin Killer' Shiba Inu Burn Rate Spikes 15,600% But Does Technical Analysis Confirm A Bullish Bias?
Portfolio Pulse from Khyathi Dalal
Shiba Inu (SHIB) has seen a significant increase in its burn rate, spiking 15,654.2% in the past 24 hours. Technical analysis suggests a potential bullish trend, with the 100-day SMA crossing above the 50-day SMA. The SHIB community continues to burn coins to create scarcity and potentially increase value.
June 10, 2024 | 2:11 pm
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Shiba Inu's burn rate has surged 15,654.2% in the past 24 hours, indicating a potential bullish trend. Technical analysis shows the 100-day SMA crossing above the 50-day SMA, suggesting a possible price rebound.
The significant increase in the burn rate indicates a strong community effort to create scarcity and potentially drive up the price. The technical indicators, such as the 100-day SMA crossing above the 50-day SMA, support a bullish outlook.
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