'Dogecoin Killer' Shiba Inu Burns 11 Million Coins In A Single Day: A Breakout 'May Spark The Next Wave Of An Over 480% Run,' Trader Says

Shiba Inu SHIB/USD is up 10% over the past week and traders expect this pattern to continue.

What Happened: With Shiba Inu prices rallying 4.4% in a single day, crypto trader Javon Marks noted that the meme coin is breaking out of its falling wedge pattern. He maintains the larger target at $0.000081 and added this "breakout may only help spark the next wave of an over 480% run to reach it."

Another crypto trader suggests going long on Shiba Inu, as the meme coin is on the sixth attempt to break this resistance.

Also Read: ‘Dogecoin Killer’ Shiba Inu’s Burn Rate Spikes 8,193%, But Technical Analysis Has Bad News For Bulls

Why It Matters: Shiba Inu’s burn rate has increased by 291.7%, with around 11 million coins burned in the past 19 hours, according to Shibburn data.

IntoTheBlock data shows a 9.8% increase in daily active addresses and a 13.3% drop in large transaction volume. Transactions greater than $100,000 increased from 47 to 65 in a single day.

Lucie, Shiba Inu's marketing lead, announced that Shibarium's major upgrade is scheduled for today with big changes like the Bor upgrade (v1.3.7) and Cancun hard fork to boost performance, security and scalability. With the upgrade, Shibarium will "become faster, more secure, and more efficient, opening the door for a wider range of decentralized applications and services."

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.

Read Next: 

• ‘Dogecoin Killer’ Shiba Inu Confirms Bullish Patterns, Eyes 231% Recovery To 2024 Highs As Burn Rate Soars

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