Shiba Inu Spikes 3%, Burn Rate Soars 828%: What Is Going On?

by Khyathi Dalal Benzinga Staff Writer

Shiba Inu SHIB/USD 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.

Cryptocurrency	Price	Market Cap	24-Hour Trend	7-Day Trend
Shiba Inu SHIB/USD	$0.00001260	$7.4 billion	+3.4%	+2%
Dogecoin DOGE/USD	$0.1619	$24.1 billion	+5.1%	-2.5%
Pepe PEPE/USD	$0.0₅7908	$3.3 billion	+7%	+4.3%

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.

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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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