Despite 2,439% increase in burn rate, $SHIB remains in a downtrend, but technical support at the 50-day moving average provides some hope
has recently shown a 1,449% increase in its burn rate, which is a positive sign for the future of the cryptocurrency. However, despite the surge, SHIB has not yet managed to break out of the local downtrend it entered in February.burned may not be as high as holders would like, but it is still a crucial process that should positively impact the cryptocurrency's value on the market.
The burn rate refers to the amount of cryptocurrency tokens that are intentionally destroyed by sending them to an unspendable address. This process reduces the total supply of a cryptocurrency, which can positively affect its price in the long run if demand for an asset remains at a high level. The SHIB community has been actively burning tokens to create scarcity and boost the value of the remaining tokens.Despite the increase in the burn rate, SHIB has struggled to break out of its downtrend.
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