Shiba Inu (CRYPTO: SHIB) is down 9%, despite a soaring burn rate and increasing transaction volumes fueling optimism for its long-term trajectory.
Trader Notes: InvestingHaven predicts SHIB could climb to $0.0000444 by mid-December, suggesting a retracement could pave the way for a bullish setup in 2025 if this level isn't reached.
Another trader sees SHIB breaking out of a four-year downtrend, potentially approaching its all-time high, while TraderSZ advises monitoring key support areas.
Statistics: IntoTheBlock data shows a 355.2% increase in large transaction volume, with daily active addresses jumping 87.7%.
Transactions over $100,000 surged from 437 to 1,776 in a single day.
Following the recent rally, 74% of SHIB holders are in profit and 7% at breakeven.
Shibburn reports 56.3 million SHIB burned in 24 hours, driving a 294.8% spike in the burn rate. Shibariumscan shows daily transactions rising from 4.67 million to 4.74 million within a day.
Based on Benzinga technical analysis, Shiba Inu's relative strength index (RSI) is at 75, indicating the meme coin is in overbought territory.
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