SHIB Price Down 9% But Burn Rate Surges 295%: What Is Going On With Shiba Inu?

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Zinger Key Points
  • Shiba Inu's burn rate surged 294%, with 56.3 million SHIB tokens removed from circulation in the last 24 hours.
  • Traders predict SHIB could hit $0.0000444 by mid-December, with an ultra-bullish outlook for 2025.
  • Get New Picks of the Market's Top Stocks

Shiba Inu SHIB/USD is down 9%, despite a soaring burn rate and increasing transaction volumes fueling optimism for its long-term trajectory.

CryptocurrencyPrice   Market Cap24-Hour Trend7-Day Trend
Shiba Inu SHIB/USD$0.00002889  $17 Billion-9.5%+13.2%
Dogecoin DOGE/USD$0.4177$61.4 Billion-3.2%+3.2%
Pepe PEPE/USD$0.00001993$8.4 Billion-10.9%+4.3%

Trader Notes: InvestingHaven predicts SHIB could climb to $0.0000444 by mid-December, suggesting a retracement could pave the way for a bullish setup in 2025 if this level isn't reached.

Another trader sees SHIB breaking out of a four-year downtrend, potentially approaching its all-time high, while TraderSZ advises monitoring key support areas.

Statistics: IntoTheBlock data shows a 355.2% increase in large transaction volume, with daily active addresses jumping 87.7%.

Transactions over $100,000 surged from 437 to 1,776 in a single day.

Following the recent rally, 74% of SHIB holders are in profit and 7% at breakeven.

Shibburn reports 56.3 million SHIB burned in 24 hours, driving a 294.8% spike in the burn rate. Shibariumscan shows daily transactions rising from 4.67 million to 4.74 million within a day.

Based on Benzinga technical analysis, Shiba Inu's relative strength index (RSI) is at 75, indicating the meme coin is in overbought territory.

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