Shiba Inu’s Price on the Rise: Is This the Respite Season?

19. Juni 2023 Aus Von admin

• SHIB’s price has increased, and exchange supply is decreasing, which could indicate renewed confidence.
• Despite this positive sign, the technical outlook for SHIB remains negative.
• The burn rate of SHIB tokens has also increased, potentially increasing the long-term value of the asset.

Shiba Inu’s Respite Season?

Price Increase and Exchange Supply Decrease

Shiba Inu [SHIB] price rose by 2.74% in the last seven days, indicating a mild halt to its tumultuous journey lately. An analysis from Santiment suggests that the supply on exchanges has decreased since 10 June and as of this writing was at 87.6 trillion. This decrease in exchange supply alongside an increasing price implies renewed optimism around the token’s value.

Technical Outlook Remains Negative

Despite these signs of progress, technical indicators remain in the negative region with Moving Average Convergence Divergence (MACD) below zero and selling momentum still present. Bulls have pushed up SHIB’s price since $0.00000649 after a long slide down but it is too soon to determine if their efforts will be enough for a longer respite season for Shiba Inu holders.

Burn Rate Increased

The burn rate of SHIB tokens has also increased recently by 281% over the last 24 hours which might lead to an increase in its long-term value as supply reduces. With this increase in activity came an increase in social dominance, suggesting that those who hold onto their tokens may be confident of future returns when bullish markets return.

Conclusion

Although there have been promising signs for Shiba Inu holders recently with an increase in both its price and burn rate, it is still too early to determine whether or not these changes will result in a sustained respite season for investors or if trends will eventually falter again over time