'Dogecoin Killer' Shiba Inu Removes 12M Coins From Ecosystem Within 24 Hours, New Accounts More Than Double
Portfolio Pulse from Khyathi Dalal
Shiba Inu (SHIB) burned 12 million coins in 24 hours, with new accounts more than doubling. Despite these developments, technical indicators suggest a bearish trend, with a 58.8% drop in large transaction volume and 53% of holders at a loss.
September 06, 2024 | 2:53 pm
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Shiba Inu burned 12 million coins in 24 hours, but technical indicators suggest a bearish trend. Despite new accounts doubling, 53% of holders are at a loss, and large transaction volumes have dropped significantly.
The burn of 12 million coins is a positive development, but the technical indicators such as RSI and SMA suggest a bearish trend. The significant drop in large transaction volumes and the fact that 53% of holders are at a loss further support a negative short-term outlook.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100