'Dogecoin Killer' Shiba Inu Burns 53 Million Coins In A Day: What Is Going On With SHIB?

Shiba Inu SHIB/USD has gained momentum in recent day, buoyed by a significant increase in its burn rate and a steady rise in whale transactions.

Trader Notes: Traders are optimistic about SHIB's trajectory. Bluntz Capital tweeted that a “God candle is loading” for Shiba Inu, signaling a potential major price spike.

Similarly, Guru Asymmetry noted that SHIB is “primed” for a bullish move, while Trading Benjamins suggested that a breakout above resistance levels could trigger a rapid rally. SHIB KNIGHT sees a bullish pattern forming, with a target price above $0.00004.

Statistics: Shibburn data shows its burn rate soared 208.5% in the last 24 hours, with 53.4 million coins removed from circulation in one transaction around nine hours ago.

Shibariumscan reports steady growth in daily transactions on the Shibarium network, reaching 4.76 million compared to 4.43 million on Nov. 5. DefiLlama data shows Shibarium's total value locked (TVL) hitting a record $5.82 million.

IntoTheBlock data shows large transaction volume decreasing by 5% and daily active addresses growing by 16%. Transactions greater than $100,000 are up from 910 to 966 in a single day. Around 72% of SHIB holders are in profit while 9% are at breakeven.

What's Next: Shiba Inu's ongoing token burns and rising on-chain activity are reducing supply and bolstering its bullish outlook. Paired with increasing adoption and whale activity, SHIB appears well-positioned for another significant rally.

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