Shiba Inu SHIB/USD experienced a weekend price correction erasing the gains from the previous week, but rising burn rates and bullish chart signals suggest an impending rally for the meme coin.
What Happened: After burning 290,321 tokens, Shiba Inu’s burn rate soared 6,223.7% in the past 24 hours according to Shibburn. Over the past week, the ecosystem has burned 130 million SHIB tokens.
Shibarium’s marketing lead, Lucie, highlighted contributors’ efforts, noting that the ecosystem has burned around $1.5 worth of SHIB over the past year. She also believes that if there were more 10 contributors the burn rates would be much higher.
| Cryptocurrency | Price | Market Cap | 24-Hour Trend | 7-Day Trend |
| Shiba Inu SHIB/USD | $0.368 | $14.9 Billion | +2.2% | +27.8% |
| Dogecoin DOGE/USD | $0.00002499 | $54.7 Billion | +2.5% | -3.5% |
| Pepe PEPE/USD | $0.00002114 | $9.1 Billion | +2.5% | +70.9% |
Trader Notes: Despite Shiba Inu's rally cooling off over the weekend, crypto trader Nology remains optimistic, having held a position long-term and recently added to it.
He anticipates strong performance in the coming weeks, noting that the crossing of slow EMAs on the daily timeframe supports a longer-term bullish trend.
CoinSignals predicts a symmetrical triangle breakout with a 25%-50% target, while Crypto Trader TheMoonCarl forecasts a pump potentially pushing SHIB to $0.00003630.
Statistics: IntoTheBlock data shows large transaction volume decreasing by 31.6% and daily active addresses down by 15.6%.
Transactions greater than $100,000 are down from 494 to 324 in a single day.
Around 61% of SHIB holders are profitable, up from 59% on Nov. 15, while 31% remain at a loss.
Shibarium data shows daily transactions up from 4.69 million on Nov. 16 to 4.71 million on Nov. 17.
Based on CoinGecko data, total meme coin valuation is trading 3% higher in the past 24 hours.
What’s Next: The influence of meme coins expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next:
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
