Shiba Inu (CRYPTO: SHIB) is flashing bullish signs, such as increasing burn rates and renewed whale interest.
With the meme coin nearing key technical levels, some traders believe we may be on the edge of a repeat of its legendary April 2021 run.
Trader Notes: Crypto trader MrPatrickSchmitt drew parallels between the current market and April 2021, a period marked by sideways movement until Shiba Inu ignited a sudden rally.
While he isn't certain which catalyst might trigger the next wave, he believes history has a way of rhyming.
Shib Knight, another trader from the ShibArmy, said SHIB still has the potential to "make history again." He's watching for the current accumulation phase to end, expecting a move once the sideways action resolves.
In an X post on April 20, crypto trader CW noted that Shiba Inu is now testing the upper boundary of its downtrend channel, and a breakout attempt appears imminent, a move that could catalyze a short-term rally.
Statistics: According to Shibburn, 26.5 million SHIB were incinerated in the past 24 hours, pushing the daily burn rate up by 827.7%.
Notably, tw million SHIB were burned.
A single transaction accounted for 14.9 million SHIB burned around 19 hours ago.
Shibarium Updates added that 881.4 million SHIB have now been burned using ShibTorch, with 30% of BONE collected as platform fees.
While Shibariumscan data points to daily transactions increase to 4.38 million from 4.19 million in a single day, new contracts and number of accounts are also rising.
IntoTheBlock data shows Shiba Inu large transactions volume have surged 95.9%, while transactions greater than $100,000 increased from 14 to 27 in a single day. However, daily active addresses are down 29.9%.
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