“Dogecoin Killer” Shiba Inu SHIB/USD has seen a sharp increase in its burn rate, accompanied by a rise in daily transactions.
What Happened: Over the past 24 hours, the Shiba Inu ecosystem recorded a 254,078.1% spike in its burn rate, with 5.6 billion SHIB tokens burned in a single transaction, according to Shibburn.
Around 14 hours ago, the Shiba Inu ecosystem incarcerated 5.6 billion SHIB tokens in one single transaction and around seven hours ago, 25.9 million SHIB coins were burned in one transaction.
A Shiba Inu community account cautioned traders in a post on X that some projects use large burns as promotional tactics to attract the ShibArmy with presales or lower-quality tokens. The account added that this could be a "quick attention play" and traders should remain alert and take informed investment decisions.
Following a 16% rally this week, technical analyst Clifton Fx highlighted a bullish flag formation for SHIB on the three-day timeframe, predicting a potential 80%-90% upside rally if a breakout materializes.
Why It Matters: As optimism builds in the crypto market, Shibariumscan data shows daily SHIB transactions climbing from 1.68 million to 3.89 million within 24 hours.
IntoTheBlock data shows large transaction volume decreasing by 53.3% and daily active addresses moving higher by 3.2%. Transactions greater than $100,000 are down from 224 to 172 in a single day.
Additionally, U.Today noted a record transfer of 6 trillion SHIB between major wallets, marking a new October high. This could indicate either a strategic accumulation by institutional players or a potential sell-off.
What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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