‘Dogecoin Killer’ Shiba Inu’s Burn Rate Increases 227%—Then Why Are Technical Indicators So Weak?

Shiba Inu (CRYPTO: SHIB) is seeing rising burn rates but is struggling with bearish technical indicators foreshadowing a further drop in prices.

What Happened: Shiba Inu’s burn rate increased by 226.5% over the past 24 hours following the last burn transaction of 2.6 million coins around 21 hours ago, according to Shibburn data.

For the month of September, Shiba Inu burned a total of 2.4 billion SHIB, worth $42,069, in 131 transactions, increasing the monthly burn rate to 249.4%. SHIB surged by 29% in September.

Benzinga technical analysis shows a neutral Relative Strength Index of 58.3 as of …

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