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Shiba Inu SHIB/USD is seeing rising burn rates but is struggling with bearish technical indicators foreshadowing a further drop in prices.

What Happened: Shiba Inu's burn rate increased by 226.5% over the past 24 hours following the last burn transaction of 2.6 million coins around 21 hours ago, according to Shibburn data.

For the month of September, Shiba Inu burned a total of 2.4 billion SHIB, worth $42,069, in 131 transactions, increasing the monthly burn rate to 249.4%. SHIB surged by 29% in September.

Benzinga technical analysis shows a neutral Relative Strength Index of 58.3 as of Oct.2.

The simple moving average chart indicates that the 50-day Simple Moving Average (SMA) price is beneath the 100-day SMA price, indicating weakness in the asset’s price movement. This pattern may suggest further downside potential or continued price weakness.

The 200-day SMA price is above both the 50-day and 100-day SMA prices, indicating the asset is in a long-term downtrend.

IntoTheBlock data shows large transaction volume decreased by 33.6% and daily active addresses fell by 16.8%. Transactions greater than $100,000 are down from 383 to 220 in a single day.

Shibariumscan data shows daily transactions on the network increased from 6,980 to 7,500 in a single day, continuing their steady increase from around 3,000 previous week.

Price Action: In the past 24 hours, SHIB is down 2.3% to $0.00001621. Despite a gain of around 20% over the past 30 days, SHIB has dipped 5.4% in the past week.

What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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