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Cryptocurrency News Articles
Shiba Inu (SHIB) Burn Rate Skyrockets 14575%, Traders See Potential Rally Coming
Oct 14, 2024 at 09:16 pm
Shiba Inu's burn rate has skyrocketed by 14,575.02% since the last burn transaction of 277.6 million coins, according to Shibburn data.
Shiba Inu (CRYPTO: SHIB) is once again seeing a massive spike in burn rates, which has traders speculating that the meme coin is gearing up for an upcoming price rally.
What Happened: Shiba Inu's burn rate has increased by 14,575.02% since the last burn transaction of 277.6 million coins, recent Shibburn data showed.
Amid the spike in burn rates, SHIB is up by 2.6% over the past 24 hours.
Shiba Inu's burn rate had earlier seen a massive spike last week, with a total of 1.48 billion SHIB being burned in a single transaction on Monday.
The burning of SHIB tokens aims to reduce the circulating supply of the meme coin and increase its scarcity, which could lead to higher prices.
However, it's important to note that burning tokens does not directly guarantee a price increase, as the value of any cryptocurrency is ultimately determined by a complex interplay of factors, including demand and supply dynamics, macroeconomic conditions, and trader sentiment.
Shiba Inu Price Prediction: Crypto enthusiast ‘Chiara.sol’ has set new targets for Shiba Inu over the weekend, seeing that the meme coin has "broken out of a bullish channel and a potential rally is taking shape."
He sees key resistance levels of $0.0000186494, $0.0000196923 and $0.0000209399. If these zones are cleared, SHIB could push to $0.000027 (+49% from current levels) in the upcoming days or weeks.
Also Read: What’s Going On With Dogecoin, Shiba Inu Today?
Why It Matters: IntoTheBlock data shows large transaction volume decreasing by 55.9% and daily active addresses rising by 4.3%. Shiba Inu's concentration by large holders remains at 73%, implying high trader interest in the meme coin as a long term investment.
Shiba Inu, the self-proclaimed "Dogecoin (CRYPTO: DOGE) killer," has seen a remarkable surge in popularity this year, largely driven by retail trader enthusiasm and meme culture on social media platforms like TikTok and Discord.
The meme coin, which began 2023 at a price of around $0.000008, has surged by over 200% year-to-date.
Shiba Inu's impressive rally has also caught the attention of major cryptocurrency exchanges, with Binance.US recently announcing that it will be listing SHIB on its platform.
Benzinga technical analysis shows an RSI of 42.9 for SHIB, indicating that the meme coin is in an uptrend or bull market. The 50-day Simple Moving Average and 100-day Simple Moving Average are about to converge, implying that a significant price move could be in the making.
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.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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