According to the Shibburn blockchain tracking service, the famous Memecoin has seen a rapid increase in burn rate over the past 24 hours as users have burned 130% more tokens than usual. The service’s Twitter account shared some interesting numbers.
Since the announcement of the Shiba Inu crypto card, we have seen a rally in the number of Shiba Inu tokens burned as users are burning around 1 billion Shiba Inu tokens per day, leading to a drastic reduction in supply, which is one of the main requirements. is one of. SHIB has a chance for market reversal.
Due to the weekend, we saw relatively few burn Shiba Inu tokens today as users removed approximately 500 million tokens from circulation over the past 24 hours. But despite the number being less than 1 billion SHIB, the total number of tokens burned today is still above average.
shiba inu price display
Since last 44 days, Shiba Inu has been proceeding in flag formation with some unsuccessful attempts to break the upper bound of the pattern due to lack of purchasing power of SHIB bulls.
The pattern usually suggests that the asset is in consolidation and may soon face an increase in volatility, which is going to determine its movement on the market for the next few weeks or months.
The appearance of the pattern should be considered a positive factor for the cryptocurrency, given the fact that the Shiba Inu has been heading towards a sharp decline over the past few months, as it now shows technical potential for a reversal.
At press time, the Shiba Inu is trading at $0.000011 and is showing absolutely neutral price performance over the past 24 hours without gaining or losing value.