Shiba Inu (SHIB) is a cryptocurrency token with a circulating supply of 1 quadrillion tokens, out of which 410,638,982,069,034 tokens have been burned. Burning is a process of taking tokens out of circulation, and it is a popular initiative in the Shiba Inu community. These tokens are burned using two transactions in the past 24 hours, leading to a total burn rate of 60.30%. Moreover, there have been a total of 1,748,403,277 SHIB tokens burned in 20 transactions in the past week.

Daily moving averages on the SHIB chart dropped below the longer-term moving averages, resulting in a ‘death cross’, which is a negative indicator for the price of the token. Despite this, such bearish signals imply a ‘bottoming’ at times. At the time of writing, SHIB was up marginally by 0.0000087. Additionally, its daily relative strength index (RSI) is at an oversold level of 30, suggesting a possible bounce back for the token in the short-term.

This burn rate has seen some increase after the previous day had no tokens being burned and Saturday reported to have over 8 million tokens burned. Such burns are being done to limit the overall supply in circulation, leading to a high demand and a potential future growth in price. While it is still uncertain what the future trends will hold for Shiba Inu, the burn rate serves as a motivator for the development of the SHIB blockchain and the increased sustainability of the token, as well as its price.



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