SHIB News: Potential Price Recovery Amid Impressive Token Burn Rate

SHIB Price Struggles Despite 31.5M Tokens Burned, What’s Next?

Shiba Inu (SHIB), the world’s second-largest meme coin, is poised for a price recovery due to bullish price action and an impressive 24-hour burn rate. Data from the SHIB burn tracker revealed that the meme coin’s burn rate has surged by a staggering 4,137.17%, with 31,556,987 SHIB tokens burned in the past 24 hours. The current price of SHIB is $0.00001441, with a 24-hour increase of 2.04%. The market cap stands at $8,501,425,207, up 2.06%.

Shiba Inu (SHIB) Price Analysis: 28th February – Bearish Momentum Continues

As of the latest data, SHIB is trading and continues to exhibit bearish price action. The asset is currently below both the 50-day Exponential Moving Average (EMA) and the 200-day EMA, reinforcing the strength of the ongoing downward trend. The Relative Strength Index (RSI) hovers around 40, indicating room for further downside before SHIB reaches oversold conditions. On the 4-hour timeframe, the bearish trend persists with SHIB making contact with the 50 EMA.

Shiba Inu Holding Time Rises Amid Market Downturn

Shiba Inu (SHIB) investors are showing increasing confidence, as reflected in a notable shift in behavior. Despite a general market slump, Shiba Inu holders have been raising their average holding time, signaling faith in the asset’s long-term potential. On-chain data shows a significant surge in the holding time of Shiba Inu coins transacted over the past seven days, marking a clear increase in the average duration for which holders are retaining their assets before making a transaction.

Shiba Inu’s Duel Mode to Burn 10B SHIB Daily

Shiba Inu’s ecosystem team has introduced a new game mode in Shiba Eternity called Duel Mode. This player-versus-player contest encourages engagement and contributes to the ongoing burn campaign. Players must pay a 50,000 SHIB registration fee to participate. The winner receives 80% of the total pool, while 10% is burned daily, aiming to reduce the circulating supply of SHIB.