'Dogecoin Killer' Shiba Inu Fires Up The Burn Rate To 1,089%: What Is Going On?

After a five-day dry spell, Shiba Inu‘s SHIB/USD burn rate is spiking alongside improving key metrics.

What Happened: The burn rate has increased by over 1,000% in the past 24 hours, burning 98,136 in the process, according to Shibburn data. SHIB is up 5.4%.

Benzinga’s technical analysis shows Shiba Inu's relative strength index in neutral territory at 50 (as of August 19). The 200-day Simple Moving Average chart is crossing above the 50-day and 100-day SMAs, implying the long-term outlook for the meme coin remains bullish with vague short-term prospects.

In an Arabian Business exclusive, Shytoshi Kusama and Kaal Dhariya stated that their identities being anonymous is the superpower they have. It assists them in blending with the community and receive any honest feedback they want.

Also Read: Will ‘Dogecoin Killer’ Shiba Inu Surge 500% Soon? Technical Analysis Says It Could, But The US Government Plays A Crucial Role

Why It Matters: IntoTheBlock data shows large transaction volume spiked by 284.4% to $21.5 million, while transactions greater than $100,000 surged from six to 50 transactions in a single day.

Shibariumscan data noted active accounts multiplying from 237 (Aug.19) to 1,103 (Aug.20). New transactions also surged from 1,736 to 11,194.

U.Today reported an anonymous new buyer purchasing a total of 460.96 billion SHIB, worth $6.07 million, in a series of transfers ranging from $15 to $5.28 million. Over the week, the address has had the highest SHIB inflows.

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.

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• ‘Dogecoin Killer’ Shiba Inu Has Not Burned Tokens In 2 Days: What Is Going On?

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