Shiba Inu Surges 6%, Burn Rate Explodes 731%: What's Going On?

Shiba Inu SHIB/USD is up 6%, with its soaring burn rate fueling speculation of a bullish trend ahead.

Cryptocurrency	Price	Market Cap	24-Hour Trend	7-Day Trend
Shiba Inu SHIB/USD	$0.00001371	$8.08 billion	+6.4%	+17.8%
Dogecoin DOGE/USD	$0.1844	$27.5 billion	+11.5%	+20.9%
Pepe PEPE/USD	$0.059231	$3.88 billion	+11.8%	+29.7%

Trader Notes: Crypto trader AllInCrypto identified a falling wedge pattern on SHIB's chart, a formation often signalling an upcoming reversal. He believes the recent dip may soon flip bullish.

Shiba Inu $SHIB Upside expected, falling wedge likely resulting in the pullback being reversed ⏰ pic.twitter.com/4iT6Kpvq9V

— ALLINCRYPTO (@RealAllinCrypto) April 23, 2025

Trader HexaTrades pointed to a bullish RSI divergence, indicating growing upside momentum.

Meanwhile, Rodney remains confident in SHIB's resilience, noting that it has maintained its second position among meme coins despite newer competitors like Pepe.

He expects SHIB to rally alongside broader crypto market gains.

Statistics: According to Shibburn, SHIB's burn rate surged 731.8% in the past 24 hours, with 15.8 million tokens destroyed, including a single 15.7 million SHIB burn transaction.

IntoTheBlock data shows a 17% jump in large transaction volume and a 16.3% increase in daily active addresses.

The number of $100,000+ transactions rose from 84 to 112 within a day.

Shibariumscan data also shows a climb in network usage, with daily transactions rising to 4.4 million, up from 4.05 million on April 1.

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