Shiba Inu Burn Rate Surges but SHIB Price Stays Unstable Is it the Best Meme Coin to Purchase at the Moment

Shiba Inu’s burning rate skyrocketed by nearly 3,000% within the past 24 hours, yet the SHIB price remains stagnant.
Trading sideways, SHIB has a critical support level at $0.00002.
Rebel Satoshi’s RECQ, a meme coin in presale, emerges as a potential alternative.
The crypto market struggles this week, with Bitcoin and most altcoins declining, now below $68,000.
Despite a 7% decrease in SHIB price this week, it fared better than other leading meme coins experiencing double-digit losses. Let’s delve deeper and explore potential meme coin alternatives in this sector.
Shiba Inu’s Burn Rate Skyrockets
This week witnessed a massive surge in Shiba Inu’s burn rate, increasing by a substantial 2814.65% in the last 24 hours.
A total of 7,912,388 SHIB tokens were permanently removed from circulation during this period. The burn rate plays a crucial role in Shiba Inu by reducing token supply, potentially enhancing scarcity and value over time.
SHIB Price Examination
Despite the remarkable burn rate spike, SHIB’s price struggles, reflecting the overall crypto market decline. However, investors need not fret as market fluctuations are natural.
An analysis of the SHIB/USDT chart reveals a sideways trend since the meme coin frenzy from late February to mid-March.
This sideways movement sees the price oscillating between $0.00002 and $0.00003, with $0.00002 acting as a key support level, prompting multiple price rebounds.
As SHIB currently hovers just 10% above this level, it is essential for Shiba Inu’s supporters to defend it.
Technically, the Moving Average Convergence Divergence (MACD) line crossing below the signal line hints at a potential bearish trend. The Relative Strength Index (RSI) on the daily chart reaches 30, signaling oversold conditions, possibly indicating overstretched selling pressure.
While an exact price forecast is challenging, current technical indicators and market sentiment do not bode well for Shiba Inu in the short term.
Best Meme Coin to Consider Amid Shiba Inu’s Sluggish Performance
As Shiba Inu’s price remains sluggish, exploring alternative meme coin opportunities is wise. One such project to consider is Rebel Satoshi’s RECQ, a meme coin in its presale phase.
RECQ serves as the primary currency within the Rebel Satoshi ecosystem for transactions, purchases, fees, and rewards, enhancing user interactions and liquidity across the platform.
This dual-token ecosystem includes RECQ and $RBLZ, a governance and membership token, enabling a comprehensive and decentralized system.
During the presale phase, RECQ has garnered substantial funds. It is expected to launch at $0.0125, with the current price at $0.0044 USDT. Nearly 50 billion RECQ tokens have been sold.
RECQ grants access to the Rebel Satoshi Arcade, featuring various games, including pay-to-play, play-to-earn, and free-to-play options. Users can also use RECQ to explore exclusive NFTs within the platform.
To participate in the RECQ presale, follow these steps:
– Sign up for the presale and verify your email.
– Confirm your email to receive the presale link.
– Purchase RECQ tokens using the presale link.
– Adhere to instructions provided for payment methods and token allocation.
– Stay updated on announcements from the Rebel Satoshi team regarding the presale and token sale.
In conclusion, while Shiba Inu’s burn rate surges, its price remains stagnant. Safeguarding the $0.00002 support level is crucial. Amid market challenges, exploring alternative meme coin opportunities like Rebel Satoshi’s RECQ, available at discounted prices during its presale, could be beneficial. For more information, visit the official Rebel Satoshi website or reach out to Rebel Red via Telegram.