'Dogecoin Killer' Shiba Inu Rallies 10%: What Is Going On?

Shiba Inu's SHIB/USD sudden spike in prices thanks to positive macro data has traders hoping for more upside in Q4.

What Happened: Shiba Inu is up 10% to $0.0000175 on Friday, outperforming its rival DOGE, which is up 5%. The meme coin has gained over 30% over the past 30 days, beating Dogecoin’s 11% return.

SHIB is also seeing renewed burn transactions, with 4.5 million SHIB burned in the past 24 hours, according to Shibburn data.

Crypto trader Javon Marks predicts Shiba Inu's next move to be a massive 351% spike to his larger target of $0.000081, noting the token’s strength.

Also Read: ‘Dogecoin Killer’ Shiba Inu’s Burn Rate Increases 227%—Then Why Are Technical Indicators So Weak?

IntoTheBlock data shows large transaction volume decreasing by 53.4% and daily active addresses rose by 3.3%. Transactions greater than $100,000 are down from 220  to 129 in a single day. With a rise in prices, Shiba Inu holders in profit increased to 53%, up from 45% the week before.

The official page of Shiba Inu tweeted a curious post which read, "When SHIB hits a new high, I'm going to _______," sparking community engagement.

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.

Read Next: 

• Dogecoin Up 19%, Shiba Inu Surges 32% In September: What’s Next For The Meme Coin Leaders?

Image: Shutterstock