'Dogecoin Killer' Shiba Inu Burn Rate Catapults 65,530% Higher: Here's What Technical Analysis Says

Shiba Inu's SHIB/USD monthly gains of 18% is likely to witness a pump as burn rates and technical indicators point to the same.

What Happened: Shiba Inu SHIB/USD saw its burn rate jump by 65,529.7% since burning 2.7 million SHIB in the past 24 hours, according to Shibburn data.

Shibarium data shows daily transactions, which had been steady over the past 30 days, surging from 3.2 million to 4.8 million on Oct. 24.

According to IntoTheBlock data, large transaction volume dropped by 23% while daily active addresses increased by 1.9%. Large holders still control 73% of SHIB in circulation, signaling confidence among big investors.

Also Read: Trader Shares 3-Point Strategy To Win With Meme Coins—Here’s Where Dogecoin, Shiba Inu Come In

Why It Matters: Shiba Inu's recent 18% monthly gains align with a bullish shift in Bitcoin prices that has boosted many altcoins.

Benzinga technical analysis shows SHIB's relative strength index at 57.1 as of Oct.24, indicating moderate buying pressure and suggesting a mildly bullish outlook.

The 50-day Simple Moving Average (SMA) crossed above the 100-day SMA, indicating bullish short-term momentum since the short-term price momentum exceeds the long-term trend.

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.

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