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Shiba Inu’s (CRYPTO: SHIB) stagnating burn rate and mediocre technical indicators have traders wondering about whether any near-term upside is realistic.
What Happened: The burn rate has dropped by 45% since the last burn transaction of 802,246 coins around two days ago, according to Shibburn data.
In another development, the Shib community launched ShibHub, an app that is at the core of the Shiba ecosystem. The app allows users to “earn, learn, connect and create irrespective of being in DeFi, NFTs, Social networking or Web3 gaming.”
It plans to position itself as a global platform to showcase Shiba Inu's growing ecosystem at the first Shiba Inu DevCon in Bangkok, Thailand.
Also Read: What’s Going On With Dogecoin And Shiba Inu This Week?
Shiba Inu marketing lead Lucie tweeted that "the one quietly growing and building is always the best," referring to SHIB. She revealed that she purchased 35 million SHIB.
Shibariumscan data shows daily transactions growing from 4,000 on Aug.13 to 6,360 on Aug. 14. IntoTheBlock data shows large transaction volume increasing by 15.3% and daily active addresses by 17.2%.
Benzinga's technical analysis shows Shiba Inu's RSI at 33.3, close to the 30 level considered bearish. The 200-day simple moving average crossing above the 50-day and 100-day SMA would indicate a bullish shift in momentum.
What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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Posted In: $SHIB
