Shiba Inu Surges 6%, Burn Rate Explodes 731%: What's Going On?

Shiba Inu SHIB/USD is up 6%, with its soaring burn rate fueling speculation of a bullish trend ahead.

Trader Notes: Crypto trader AllInCrypto identified a falling wedge pattern on SHIB's chart, a formation often signalling an upcoming reversal. He believes the recent dip may soon flip bullish.

Trader HexaTrades pointed to a bullish RSI divergence, indicating growing upside momentum.

Meanwhile, Rodney remains confident in SHIB's resilience, noting that it has maintained its second position among meme coins despite newer competitors like Pepe.

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He expects SHIB to rally alongside broader crypto market gains.

Statistics: According to Shibburn, SHIB's burn rate surged 731.8% in the past 24 hours, with 15.8 million tokens destroyed, including a single 15.7 million SHIB burn transaction.

IntoTheBlock data shows a 17% jump in large transaction volume and a 16.3% increase in daily active addresses.

The number of $100,000+ transactions rose from 84 to 112 within a day.

Shibariumscan data also shows a climb in network usage, with daily transactions rising to 4.4 million, up from 4.05 million on April 1.

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