Shiba Inu Burn Rate Soars By 2,408%: Is A Breakout Imminent?

The Shiba Inu SHIB/USD ecosystem is heating up, fueled by a sharp spike in burn activity and growing whale transactions, all while momentum builds following the launch of Shibarium DAO.

Trader Notes: Crypto analyst Javon Marks highlighted a massive Inverse Head & Shoulders pattern forming on SHIB's long-term chart, a classic bullish reversal structure.

If it confirms, SHIB could be poised for a 503% upside, with an initial price target of $0.000081.

He notes that this pattern stretches back to early 2022, setting the stage for a long-term reversal after years of downward pressure.

Statistics: Shibburn data shows the burn rate in the past 24 hours surging by 2,408.4% as 39.5 million SHIB was burned.

One transaction seven hours ago removed 14.6 million SHIB and two separate burns wiped 4.5 million SHIB each.

A larger burn 22 hours ago removed 15.9 million SHIB.

These ongoing burn transactions took the total SHIB burned to 123.6 million SHIB over the past seven days.

IntoTheBlock data shows Shiba Inu's large transaction volume and daily active addresses increased by 522.6% and 41.6%, respectively. Transactions greater than $100,000 increased from 14 to 54 in a single day.

Community News: The Shiba Inu team officially launched ShibDAO on May 31, a major milestone in decentralized governance.

The DAO is set to hand real voting power to SHIB holders, enabling them to guide project decisions, a significant evolution from its meme coin origins.

"What started as a meme is now becoming one of the most advanced DAO frameworks in Web3," the team said in a statement.

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