Shiba Inu (SHIB) Breaks Out of Downtrend, 57,000% Burn Rate Jump Prepares the Stage for a Rally

Shiba Inu (SHIB), a popular meme coin, is gaining attention as it finally breaks out of a long-term downtrend!

Shiba Inu (SHIB), a widely-followed meme coin, is gaining attention for breaking out of a long-term downtrend.

Shiba Inu Breaks Key Level - Is A 2x Coming?

Shiba Inu (SHIB) has finally broken out of a key descending channel, which could lead to a 2x surge in price, according to crypto analyst World of Charts.

Shiba Inu price action has been trading inside a descending channel for several months now, struggling to gain any sort of upward momentum. However, breaking out of this pattern could be a key signal of shifting trend. Usually, when a coin breaks out of a pattern, it signals the end of the current trend (in this case, the downtrend) and paves the way for a strong move in the opposite direction.

Breaking out of the channel could see Shiba Inu rally towards the 0.00001780 level, which represents a 115% increase from current prices. A move of this magnitude could generate significant interest in Shiba Inu again.

Shiba Inu Burn Rate Surges 57,091%

Shiba Inu (SHIB) is showing strong bullish signs as its burn rate explodes by a staggering 57,091% in just one day!

According to Shibburn’s latest data, over 1 billion SHIB tokens were permanently removed from circulation in the last 24 hours, fueling excitement among investors.

Shibburn's data reveals that 1,100,810,144 SHIB, valued at approximately $12,206, were sent to the dead wallet in the form of 12 transactions.

Shiba Inu's burn rate has shot up significantly, suggesting increased activity in burning the token.

Shiba Inu Price Outlook

Currently, SHIB is trading around $0.00001439, though it has dipped by 6.6%. However, the Relative Strength Index (RSI) has surged above 58.7, signaling growing bullish momentum.

This marks a major shift from the oversold levels seen in February and early March.

SHIB is now holding strong above the crucial $0.001300 support level. If this bullish trend continues, analysts predict a breakout, potentially setting SHIB up for a massive rally in Q2 2025!