Shiba Inu’s Blistering Burn Rate: A Price Rally in the Offing?

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For those chaps who can’t be bothered to read the whole dashed thing, here’s the lowdown:

  • SHIB‘s recent price surge has coincided with a ripping resurgence of the project’s burning program – a whopping 2,000% increase, if you please! 🚀
  • But, old bean, don’t get too excited just yet. The Relative Strength Index is nudging 70, which means the blighter may be due for a bit of a correction. 📉

A Spot of Good News, Perhaps?

Shiba Inu, that most thrilling of meme coins, has been on a bit of a tear lately, with a 17% price increase over the past week. Its market capitalization has exceeded a cool $8 billion, making it the second-largest meme coin, don’t you know? 💸

Now, it appears that the team and community have been busily burning more than a billion SHIB in the past seven days – a 2,080% surge, if you’re counting. The goal, of course, is to reduce the overall supply, making the asset scarcer and potentially more valuable. A jolly good plan, if you ask me! 🔥

But wait, there’s more! Exchange netflows have been largely negative over the past month, indicating a shift from centralized platforms to self-custody. This, in turn, reduces the immediate selling pressure. A spot of good news, indeed! 📈

And let’s not forget Shibarium, Shiba Inu’s layer-2 scaling solution. Daily transactions have been consistently in the millions, and the total number of blocks has recently surpassed 12 million. A ripping performance, if I do say so myself! 🚀

Now, I know what you’re thinking: what about public interest in SHIB? Well, old chap, Google searches have climbed to their highest level in two months, suggesting a new wave of retail investors might enter the market. A thrilling prospect, indeed! 📊

A Note of Caution, Old Bean

Despite all the bullish hullabaloo, there’s a risk of correction looming on the horizon. The Relative Strength Index is hovering around 70, indicating that the valuation has increased too rapidly over a short period. A pullback, perhaps? 📉

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2025-07-14 14:53