The ongoing burning registers a massive 1251% surge in the burning rate of SHIB coins, taking the price back strong to the $0.000014 zone.
Not every time but generally lower supply keeps pushing the price, but only of the community demand is intact. This time for SHIB, it looks favorable.
Shiba Inu Supply Is Reducing
Burning is a process of sending tokens to a dead wallet and never being recovered.
As seen in the Shibburn site, the SHIB burning spiked to 1251% in the last 24 hours, burning 28,648,321 SHIB and a total so far of 410.7 trillion SHIB.
Source: Shibburn
Amid the burning progress, SHIB saw an increase in demand to boost up Shiba In price 6.79% in the last 7 days and the trajectory remains upward.
Looking at an important metric ‘The Sharpe Ratio”, measures risk-adjusted returns about the volatility of the asset. A positive result indicates a manageable risk-reward and a negative one shows the intensity of risk involved.
In the case of SHIB, the Sharpe ratio on August 19 was at -5.43, showing growth by reducing to -3.5 at the time of writing.
This shows the improvement in the Sharpe ratio and indicates the asset may be moving towards profits making to investors.
If the Sharpe ratio turns positive, we might see SHIB nearing $0.000018.
Shiba Inu Prediction.
In the SHIB/USDT 4-hour chart, we can see the price action moving in an ascending bullish channel pattern. The 2 upward trendlines create ascending resistance and the lower ones form Support.
Should this pattern continue SHIB coin will see an upward rally.
The MACD of SHIB now is strong and positive, showing a crossover to Bullish Momentum. The 12-day EMA is seen crossing the 25-day EMA, indicating the dominance of buyers and a bullish outlook.
With the current market condition being upward, SHIB fundamentals and technicals show positive signs the Shiba Inu price is expected to hit $0.000016. Conversely, if things fail to hold, we can also see a drop again below $0.000014.
