'Dogecoin Killer' Shiba Inu (CRYPTO: SHIB) saw its burn rate spike, with technical indicators signaling a support zone forming.

What Happened: Shibburn data shows the burn rate spiking by 439.9%, as 6.20 million coins were burned in the past 24 hours. Around 2.5 million coins were burned in a single transaction 12 hours ago while another 1.9 million were removed around 17 hours ago, reducing SHIB's total supply to 589.2 trillion coins.

IntoTheBlock data shows large transaction volume surging by 540%, while transactions greater than $100,000 increased to from 52 to 84 between July 2 and July 8.

Shiba Inu's pseudonymous lead developer Shytoshi Kusama made his first public appearance in Kyoto, Japan last week, prompting speculation about new partnerships for the Shibarium ecosystem.

Also Read: Shiba Inu's Shytoshi Kusama To Go Into Oblivion Like Founder Ryoshi? – 'I Also Will Step Away From Limelight Eventually'

Why It Matters: Based on Benzinga's technical analysis tool, Shiba Inu currently has a Relative Strength Index (RSI) of 44.4, lingering in the 40-50 support zone. In an uptrend or bull market, the RSI tends to float between 40 to 90.

Shiba Inu's 100-day simple moving average has risen above the 50-day SMA, implying a bullish shift in market sentiment. It may also signal a trend reversal from a downtrend to an uptrend. The 100-day SMA of $0.00002311 is acting as a support level.

What's Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.

• Dogecoin, Shiba Inu's 15% Drop In Seven Days Pushes Meme Coin Valuations Down 10%: 'Double Down On Positions'

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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