Shiba Inu burn rate saw a significant increase in the last 24 hours, rising 434.63% in this timeframe. The increase follows millions of SHIB sent to dead wallets, with the burn rate rising correspondingly.
According to the Shibburn website, 3.32 million SHIB were burned in the last 24 hours. Although this number seems small, it was much higher than the day before.
Shiba Inu saw its largest burn figure of the week when 5.5 million SHIB were burned on June 24. In the last seven days, a total of 26.52 million SHIB were burned, albeit with a 36.39% weekly drop.
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The weekly burn drop follows a bearish price action for Shiba Inu, which saw it drop four straight days before slightly rebounding. Meanwhile, the daily burn rate increase coincided with a rebound in Shiba Inu price.
At the time of writing, Shiba Inu had returned to the green, up 2.08% in the last 24 hours to $0.000004266, according to CoinMarketCap data. Shiba Inu remains down 8.8% weekly.
Shiba Inu hits oversold levels
The market saw a drop earlier in the week as investors assessed May’s personal consumption expenditures price index reading, the Federal Reserve’s preferred inflation gauge, released on Thursday.
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The core inflation rate excluding food and energy prices hit an annual rate of 3.4% in May, the highest since October 2023, and on a monthly basis rose 0.3% from April.
Shiba Inu has steadily declined since mid-June, marking only one green day out of 12 since then. The drop has pushed Shiba Inu momentum indicators below oversold levels. The daily RSI has fallen below the oversold level of 30, now sitting at 26.
The market often rebounds when the RSI confirms oversold conditions; a reading below 30 by itself only indicates what has recently happened. In this regard, Shiba Inu may have yet to confirm oversold conditions, but the chances of a potential relief rally exist given the current oversold reading.
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