Shiba Inu to print a new uptrend if BTC dominance does not get in the way
At the time of writing, Shiba Inu is down by 4.77% over the past 24 hours to change hands at a spot price of $0.00001072. The weekly performance, however, leaves the meme coin on a path where its short-term growth outlook is not entirely crushed by its retained 2.11% growth.
For Shiba Inu, two major on-chain trends show a reverse in its trend may be underway. The first is its burn rate. Even though the burn rate slid by more than 60% today, the total number of SHIB tokens burnt is enormous, pegged slightly above 25.6 million. This is a sign that more transactions are taking place, giving the massive burning more room.
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