Shiba Inu (SHIB) saw a significant 14,575% increase in its burn rate, removing 279 million tokens from circulation and causing a 3.43% price surge in the last 24 hours. Despite the optimistic outlook, technical indicators suggest that SHIB requires further confirmation before a clear bullish trend can be established.
The Moving Average Convergence Divergence (MACD) recently crossed into positive territory, hinting at upward momentum, and the Relative Strength Index (RSI) is at 60.85, indicating that Shiba Inu is not yet overbought. Network activity has also increased, with active addresses jumping by 37.93% and transaction count doubling to 7,083 in the last 24 hours.
However, Shiba Inu’s Market Value to Realized Value (MVRV) ratio of 13.17% suggests that the token may be overvalued, potentially leading to profit-taking and limiting its upside.
