Shiba Inu SHIB/USD is trading higher as the burn rate spikes 189% prompting traders to predict a 231% rally for the meme coin.
What Happened: Shibburn data reported a burn rate of 189.4% in the past 24 hours. About 3.6 million SHIB coins were incinerated. Within the last five hours, two transactions of 1.5 million and 1 million SHIB coins were recorded.
Crypto trader Javon Marks noted Shiba Inu's prices have confirmed multiple bullish patterns, indicating a potential massive recovery of over 231% back to its 2024 highs. He suggested that the current price patterns could be part of a larger process, with the $0.000081 target still very much achievable.
"With this target in play, the bull patterns present (Hidden Bull Divergence) can be forecasting a monumental price continuation within an over 480% uphill run to the meeting of $0.000081."
For the unfamiliar, the Hidden Bull Divergence pattern is often seen as a strong bullish signal. This indicates a possible continuation of an upward trend.
Why It Matters: If Marks' predictions for Shiba Inu hold, this could represent a significant opportunity for investors and traders alike. However, as with all investments, potential rewards come with associated risks, and the volatile nature of the crypto market should be taken into account.
IntoTheBlock data shows SHIB large transaction volume spiked by 171.4% and daily active addresses increased by 28.6% in a single day. Around 79% of Shiba Inu holders are accumulating the coin for more than a year reflecting confidence in the meme coin for the long term.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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