The burn rate of Shiba Inu (SHIB) has slowed down considerably, prompting traders to question whether any near-term price increases are realistic. According to Shibburn data, the burn rate has fallen by 45% since the last burn transaction of 802,246 coins two days ago. This decrease in the burn rate has raised concerns among investors who view it as a significant indicator of the token’s future value.
Despite the sluggish burn rate, the Shib community is pushing forward with new developments. They recently launched ShibHub, an app that aims to be the central hub for the Shiba ecosystem. ShibHub allows users to “earn, learn, connect and create” regardless of whether they are involved in DeFi, NFTs, Social networking, or Web3 gaming. The app aims to showcase Shiba Inu’s growing ecosystem at the first Shiba Inu DevCon in Bangkok, Thailand.
Shiba Inu’s marketing lead, Lucie, recently tweeted that “the one quietly growing and building is always the best,” likely referring to SHIB. She also revealed that she purchased 35 million SHIB. This move signals her confidence in the project’s future.
Further signs of activity include increasing daily transactions. Shibariumscan data shows that daily transactions have risen from 4,000 on August 13th to 6,360 on August 14th. Additionally, IntoTheBlock data reveals an increase of 15.3% in large transaction volume and 17.2% in daily active addresses, indicating heightened interest in the token.
However, technical indicators remain mixed. Benzinga’s technical analysis shows Shiba Inu’s RSI (Relative Strength Index) at 33.3, nearing the 30 level, which is generally considered bearish. A bullish shift in momentum would be indicated by the 200-day simple moving average crossing above the 50-day and 100-day SMA.
The influence of meme coins like Shiba Inu will be explored at Benzinga’s upcoming Future of Digital Assets event on November 19th.
