Shiba Inu continues to attract the attention of investors with 128 million token burning in recent weeks. With the decrease in supply, a possible price increase scenario of up to 300 %is discussed in technical analysis. However, Shiba Inu continues to experience certain decreases due to general market movements and macroeconomic effects. Although technical analyzes give rise signals, it is emphasized that investors should be cautious.
Shiba Inu Token Burning and Reduction
Shiba Inu’s burning mechanism gradually reduces the circulating supply and creates a potential rise effect on the price. According to data released by Shibburn, 128.22 million token was burned last week. This amount increased the weekly burning rate by 120.3 %.
According to the current data, approximately 410,72 trillion Shiba Inu Token has been burned to date. However, the total circulating amount is still 584.30 trillion. Investors think that the burning mechanism can change the supply-demand balance in the long term. However, the impact of this process on the price may take time.
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In recent weeks, Shiba Inu has experienced a decrease in the general tendencies of the market. Token lost 2.5 %during the press release, while 9 %on a weekly basis and 24 %on a monthly basis. The general fluctuation of the market continues to be an important factor affecting the decisions of investors.
Technical Analysis and Rise Scenario
According to technical analysis, Shiba Inu is preparing to test important resistance levels. According to the report published by Coingape Media, the token’s graphics are reported to have reverse head-uuz formation. This formation is often considered a harbinger of the rise.
In addition, over -chain data show that there is an increase in the number of active addresses of Shiba Inu. The purchase of large investors is considered to be among the factors that increase price mobility. Technical indicators say that the main resistance point is $ 0.0000326.
Analysts say that Shiba Inu’s price may show harsh rise in the future. However, it is emphasized that macroeconomic developments and general trends in the crypto money market will be decisive. Investors should carefully evaluate risks and opportunities instead of making decisions based on formations and past data.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and perform their operations in line with their own research.
