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Shiba Inu (CRYPTO: SHIB) is benefiting from market optimism and a rising burn rate, prompting traders to foresee an upcoming price rally.
What Happened: Shibburn data reported a burn rate of 434.6% in the past 24 hours, with more than 8 million coins burned in the past 10 hours alone. A total of 410.7 trillion coins have been transferred to dead wallet addresses.
Crypto trader Javon Marks, in his latest tweet, highlighted that SHIB has broken out of a "smaller" bull flag pattern, suggesting this could trigger another significant upward movement in its price.
Marks elaborated that the breakout could potentially continue an already impressive 210% run, targeting a price of $0.000081. He further noted that surpassing this target could lead to an additional 90% increase, pushing the price to $0.0001553.
Price Action: In the past 24 hours, SHIB is trading 1.6% higher to $0.00002599, taking its weekly gains to 8.2%.
Also Read: This Patient Shiba Inu Whale Pocketed $3.2M After Waiting 2.5 Years
Why It Matters: Crypto Basic cited Glassnode data showing that the “SHIB Army,” the community around Shiba Inu, has increased by around 100,000 members to 1.39 million since 2023.
IntoTheBlock data noted a 73.7% surge in Shiba Inu’s large transaction volume to $145.5 million, while daily active addresses spiked by 8.2%. Notably, transactions greater than $100,000 increased from 231 transactions as of May 20 to 327 transactions as of May 21. Shibariumscan reveals a total of 415.7 million completed transactions and total addresses of 1.8 million.
Citing IntoTheBlock data, U.Today reported a total of 5.58 trillion SHIB acquired by Shiba Inu whales in the past 24 hours.
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: What Does Technical Analysis Say About Dogecoin And Shiba Inu?
Image: Shutterstock
Posted In: $SHIB
