Shiba Inu's Burn Rate Surges Amid Ongoing Crypto Sell-Off

The cryptocurrency market has been experiencing a significant downturn in recent weeks, with major coins such as Bitcoin reaching fresh yearly lows. Shiba Inu (SHIB) has been particularly affected, falling to never-before-seen levels and breaking below major moving averages.

Despite the sell-off, conflicting signals are appearing under the surface. According to Shibburn's latest burn update, the weekly burn rate has jumped 491%, with 37.52 million SHIB burned in the last seven days. However, the burn rate was in the red over the past 24 hours, down 14.18%.

The price of SHIB continues to print lower highs and lower lows, indicating a strong downtrend. However, oversold readings are beginning to appear across momentum indicators, which could potentially signal a reversal. Nevertheless, until buyers can regain broken support levels, the path of least resistance remains lower.