Described as the "Dogecoin killer," Shiba Inu (SHIB) has observed a notable rise in its monthly token burn rate as March concluded and April commenced. This surge has attracted attention from cryptocurrency traders and investors globally.
2330% Surge in Monthly Token Burn Rate
Over the past month, the Shiba Inu community has generated substantial enthusiasm among investors, resulting in a significant boost in the token burn rate and a monthly gain of approximately 130% for Shiba Inu. Despite this, the token has recently entered a period of sideways trading, sparking speculation among cryptocurrency enthusiasts.
As reported by Shibburn, a platform monitoring Shiba Inu token burns, 15.64 billion SHIB tokens were burned in March, indicating a significant 2330% increase in the monthly token burn rate through 217 transactions initiated by the community. This surge reflects positive market sentiment due to the profound reduction in SHIB's circulating supply, with the total number of burned SHIB tokens from the initial supply now standing at 410.72 trillion.
Current Status of the Altcoin
Despite the optimistic outlook resulting from the heightened token burn rate, SHIB's price has exhibited volatility in recent days. At its peak in March, the altcoin reached $0.000044 but is currently trading at $0.00002887, experiencing a 5.48% decrease in the last 24 hours. Moreover, there was a noticeable downward trend during a consolidation phase near the $0.00003 level last week.
Derivative data for Shiba Inu indicates a reduction in open interest (OI) and an uptick in trading volume. With an OI-weighted funding rate remaining relatively low, there are indications of a short-term downward trajectory. Additionally, the Relative Strength Index (RSI) stands around 56, portraying neither overbought nor oversold conditions for the asset.
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