What's Going On With 'Dogecoin Killer' Shiba Inu?

Shiba Inu's SHIB/USD meandering performance despite rising burns rates did little to discourage traders’ optimism about the future.

What Happened: Shibburn data shows the burn rate surging by 234% in the past 24 hours, with one transaction burning 1.06 million SHIB. This marks the third consecutive day of rising burn rates.

Crypto trader Armando Pantoja thinks Shiba Inu's correction is over and sees the meme coin already in the “prime buying range.”

He added that "Shib is about to explode past macro resistance with a bullish RSI divergence."  He predicts that Shiba Inu is going to $0.001 and "fear of missing out" is going to set in.

Price Action: In the past 24 hours, SHIB is down 6%, mirroring the broader crypto market weakness.

Also Read: ‘Dogecoin Killer’ Shiba Inu Recovers By 10% From Monday Crypto Crash As Burn Rate Surges By 478%

Why It Matters: IntoTheBlock data shows large transaction volume decreasing by 65% as daily active addresses dropped by 9.6%. Over the past seven days, transactions greater than $100,000 increased from 29 on July 31 to 98 transactions on August 6.

Only 46% of SHIB holders are currently in profit.

Shibariumscan data shows daily transactions over the past month dropped from 4,390 to 2,440. New transactions increased to 2,534 from 2,440 in the past 24 hours.

What's Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next:

• Will Dogecoin, Shiba Inu, Pepe Continue The ‘Memecoin Supercycle’ Despite The Crypto Crash? ‘Just The Tip Of The Iceberg,’ Trader Thinks

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