In the past week, the Shiba Inu cryptocurrency's market price has risen by 20%, yet its burn rate has remained
stable. Burn rate is a way to measure the amount of coins being removed from
circulation, and it is generally seen as a reflection of the asset's popularity
for payment purposes as well as the overall activity of the network.
Regarding Shiba Inu, the burn rate has not seen a major fluctuation despite the recent surge in value, suggesting that the asset is still not being broadly used as a payment method.
This could be a consequence of a decrease in network activity or a decrease in
the token's popularity, as the majority of burning volume on the network is
produced by vendors that accept SHIB and send it to a burning address.
U Today reported that, Shiba Inu has seen remarkable progress in the market since
the start of 2021. The cryptocurrency has achieved a 79% increase in value,
which is better than the performance of Ethereum and Solana. At the moment,
Shiba Inu is trading at $0.00015 and has experienced a 3% increase in the last
day.
The recent surge in Shiba Inu may be partially attributed to speculation, however, one should also consider
the presence of bearish divergence between the Shiba Inu price and the Relative
Strength Index (RSI). This technical analysis indicator is employed to measure
an asset's price performance and can be used to detect potential reversals in
price trends. [pc]
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