Uncertain Surge in SHIB Triggers Controversy: Is Something Afoot?

In the world of cryptocurrency, Shiba Inu continues to make waves. Here's a roundup of some recent developments in the popular meme coin.

Price Changes and Death Cross

Shiba Inu recently experienced a significant event on its daily chart—a death cross. This technical indicator occurs when the short-term moving average crosses below the long-term moving average, often signalling a bearish trend. As of now, Shiba Inu's price stands at $0.0000124, marking an increase of 1.12% in the last 24 hours.

Burn Rate and Trading Volume

The burn rate, a key factor in Shiba Inu's supply dynamics, has seen some changes. In the last 24 hours, 69,808 SHIB tokens were burned, which is the same as the figure tallied the day before. This represents a 0% surge in the daily burn rate. However, the weekly burn rate has seen an 81.32% surge, with 20,241,091 SHIB tokens burned in the last seven days.

Trading volume, on the other hand, has taken a dip. In the last 24 hours, 9.17 trillion SHIB or $113.74 million in SHIB has been traded, but this figure represents a 21.92% drop compared to the previous day.

Supply and Burn Mechanisms

Over 41% of the initial total supply of 1 quadrillion SHIB tokens has been burned. This reduction in supply is largely attributed to the Shiba Inu development team and community initiatives implementing token burn mechanisms, aiming to support price stability. While social media influencers like Elon Musk boost hype, they do not directly influence the burn rate.

Historical Performance

Looking back, Shiba Inu had a positive close with a gain of 26.97% last September. However, September has been a mixed month for Shiba Inu's price performance, with two out of four Septembers showing gains since 2021.

Upcoming Events and Announcements

At the time of writing, no new information about any upcoming events or announcements related to Shiba Inu was provided.

As always, it's important to remember that the cryptocurrency market can be volatile, and these developments should not be taken as financial advice. Always do your own research and consider your risk tolerance before making investment decisions.