Shiba Inu (SHIB) Witnesses Surge in Token Burning, Potential for 30% Gain

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The Shiba Inu (SHIB) community has seen a surge in token burning, resulting in the incineration of 9.13 million SHIB tokens. This increase in burning has attracted the attention of cryptocurrency enthusiasts and coincided with a slight uptick in the SHIB price. The community has been actively burning tokens to support SHIB tokenomics, with a 128.37% increase in the burn rate. The total tokens burned from the initial supply now stand at 410.662 trillion, while the circulating supply is 580.417 trillion. Notably, two significant burn transactions involving 7.15 million SHIB and 2 million SHIB have gained attention. Alongside the burn rate surge, the Layer-2 scalability platform Shibarium is also experiencing a significant increase in transactions.In terms of price action, SHIB recently experienced a bearish shift in its technical indicators on the one-day chart, with a 21% decline from its recent high. However, there is potential for a 30% gain as a key support level has been broken and retested. Despite this positive outlook, indicators on the daily chart present a different picture, with the RSI dropping below the neutral level and the CMF entering the neutral territory.On-chain data shows that the weighted sentiment metric has predominantly stayed in negative territory, indicating a prevailing bearish sentiment in social media engagement. There was a notable spike in active addresses, suggesting increased on-chain activity during a dip in prices, possibly indicating a wave of selling. The future trajectory of prices is yet to be determined.It is important to note that readers should do their own research before taking any actions related to cryptocurrencies.

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