Shiba Inu has been the center of attention for investors since its inception. Launched as the DOGE killer and its closest follower, SHIB has periodically entered the top 10 cryptocurrencies by volume and has recently maintained a solid position in the top 15. The burn mechanism, one of the most important tools for SHIB investors hoping for high future prices, plays a significant role in its price outlook. So, what has happened with SHIB’s burn mechanism and price in the last 24 hours?
Current Status of SHIB Coin Burns
The platform Shibburn, known for closely monitoring Shiba Inu burns, revealed the burns that occurred in the last 24 hours. The burn mechanism, one of the biggest hopes for SHIB investors regarding price performance, appeared negative today but still looked positive on a weekly basis. Despite today’s declines, an increase in SHIB’s price was observed.
SHIB burns increased by 685% in the last 7 days. This data was shared by Shibburn via an X announcement. As mentioned in the shared data, it was understood that 399,586,110 SHIB meme coins were burned by the SHIB community in the last 7 days due to this over 685% increase in burns.
The weekly review showed this event, while the daily review reflected a 63% decline, indicating that only 39,878,482 meme coins were moved to burn addresses.
Analyst’s SHIB Comment
On the other hand, well-known market analyst Ali Martinez made significant comments about SHIB. According to Martinez, SHIB might be preparing for a recovery in the near term.
In a recent post, Martinez revealed a SHIB daily purchase indicator on his frequently used TD Sequential indicator, which also contains a buy signal.
As of the time of writing, SHIB was trading at $0.00002067 after a 3% increase, and according to Martinez, the price is expected to rise from the $0.00002800 region. If this happens, SHIB’s price could increase by approximately 35%.
When examining the last 7 days of price movements, Shiba Inu experienced a notable 21.7% price decline from $0.00002530 on Friday to $0.00001983.
