'Dogecoin Killer' Shiba Inu's Burn Rate Spikes 8,193%, But Technical Analysis Has Bad News For Bulls
Portfolio Pulse from Khyathi Dalal
Shiba Inu's burn rate has spiked by 8,193%, but technical analysis suggests short-term weakness for the meme coin. Despite increased daily active addresses, large transactions have decreased, and a recent hack on Indodax resulted in the theft of 9 billion SHIB. SHIB is down 1.6% in the last 24 hours.
September 11, 2024 | 1:05 pm
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Shiba Inu's burn rate has increased significantly, but technical indicators suggest potential short-term price declines. A recent hack on Indodax resulted in the theft of 9 billion SHIB, adding to market concerns.
The significant increase in burn rate is overshadowed by technical indicators showing market weakness, with both the 100-day and 50-day SMAs below the 200-day SMA. Additionally, the theft of 9 billion SHIB from Indodax adds negative sentiment, likely impacting SHIB's price negatively in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100