Can Shiba Inu burning help traders see morning start on the price chart

Shiba Inu, like all other altcoins, has followed the broader market signals. And its volatility has always been a concern for investors. An interesting thing to note about SHIB’s volatility is the fact that it sometimes helps SHIB make more profits. So it tends to make the market.

At other times, volatility may not be in favor of investors. It should also be emphasized here that burning SHIB accelerates its growth in terms of price action.

The ‘burning’ update

According to a Twitter account @shib_superstore, more than 70.7 million Shiba Inu tokens worth $6,949 were burned in one day.

While the figure is not much, the consistent burning of the meme coin coupled with the bearishness may invalidate users’ expectations.

The burn, which involved dealings from Bricks Buster, Amazon and other sources, is done solely with the intent of inflating the price.

But this won’t happen anytime soon, as burning 70 million of the trillions of SHIB will not affect the price.

SHIB traded at $0.0000093 and was doing quite well until June 21, when it rose 31.48% in one day and closed above $0.00001. However, the meme coin was down nearly 9% at the time of writing.

Shiba Inu price promotion † Source: TradingView – AMBCrypto

The Relative Strength Index (RSI), which successfully recovered in the bullish zone, fell back below the neutral line of 50.0 on June 21 after the dip. However, since the Parabolic SAR is on an active uptrend, it may be safe from unwarranted price swings.

Moreover, against all odds, long-term holders of Shiba Inu are surprisingly holding on to their offerings despite recent volatility.

This cohort, which started growing last month, currently comprises 20.81% of all addresses and accounts for nearly 47% of all SHIB offerings.

Shiba Inu LTHs † Source: Intotheblock – AMBCrypto

Their conviction is strong enough not to waver even during the recent market crashes that wiped out 63% of SHIB’s value (ref. Shiba Inu price promotion)

Going forward, this burn trend will only continue to grow as Shiba Inu enthusiasts try to make SHIB a legitimate asset, which looks like it could take more than a few years.

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