'Dogecoin Killer\' Shiba Inu SHIB/USD Burn Rate Spikes, Signaling Support Zone Forming

Shibburn data shows the burn rate spiking by 439.9%, as 6.20 million coins were burned in the past 24 hours.

‘Dogecoin Killer' Shiba Inu (CRYPTO: SHIB) saw its burn rate spike massively on Monday, while technical indicators signaled a support zone forming for the meme coin.

Burn Rate Spikes: Shibburn data showed the burn rate spiking by 439.9%, with 6.20 million SHIB burned in the past 24 hours.

A large chunk of the SHIB burned arrived in two separate transactions. About 2.5 million coins were burned in a transaction roughly 12 hours ago, while another 1.9 million were removed around 17 hours ago.

Shiba Inu's total supply now stands at 589.2 trillion coins.

Technical Indicators: IntoTheBlock data showed large transaction volume surging by 540%, while transactions greater than $100,000 increased to 84 from 52 between July 2 and July 8.

Shiba Inu's pseudonymous lead developer Shytoshi Kusama made his first public appearance in Kyoto, Japan last week.

The appearance sparked speculation about new partnerships for the Shibarium ecosystem, which is set to launch later this year.

Shiba Inu's lead developer, known as Ryoshi, left the project in May 2021, leaving behind a note that said, “I am not important, and neither is a developer team. Enjoy SHIB.”

See More: Best Cryptocurrency Scanners

Relative Strength Index: Based on Benzinga's technical analysis tool, Shiba Inu currently has an RSI of 44.4, which is in the 40-50 support zone.

In an uptrend or bull market, the RSI tends to float between 40 to 90, indicating that an asset is trading within this range.

Shiba Inu’s 100-day simple moving average has risen above the 50-day SMA, which is a bullish sign.

It may also signal a trend reversal from a downtrend to an uptrend. The 100-day SMA of $0.00002311 is acting as a support level.

The influence of meme coins and Bitcoin (CRYPTO: BTC) as an institutional asset class will be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Institutions are flocking to crypto, and to remain competitive, they must adapt to the new asset class.

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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