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Popular altcoin Shiba Inu’s (SHIB) price rose over 10% in the last seven days, with approximately 360 million SHIB tokens burned. This significant development positively impacted the altcoin’s market dynamics.
Weekly Token Burn Rate Increased by 418%
Shibburn, which tracks SHIB burns, announced on the X platform that 360.35 million SHIB tokens were burned in the last 7 days, increasing the weekly token burn rate by 418%. This situation led to increased market sentiment and an upward price movement.
The total supply is currently estimated at 589.27 trillion SHIB. Additionally, 3.84 million tokens were reported burned today. Shiba Inu’s price trend weakened recently, but the increase in token burn rate and signs of market recovery positively affected the price.
Currently, SHIB is trading in the green zone, recovering from yesterday’s losses. SHIB’s price rose by 17.30% in the last 24 hours, reaching $0.00001539. The intraday low and high prices were recorded at $0.00001296 and $0.00001546, respectively.
Mixed Signals for Shiba Inu
Meanwhile, the open positions in futures for Shiba Inu increased by 8.45% to $34.53 million, indicating growing investor interest. However, the derivatives trading volume for the altcoin fell by 28.62% to $213.20 million.
The Relative Strength Index (RSI), one of the leading technical indicators, is at 30, indicating downward pressure on the altcoin. Combining these three data points shows that the altcoin’s future price movement is currently uncertain.
