Shiba Inu (SHIB), the popular meme coin, is experiencing a surge in price driven by a significant spike in its burn rate. This surge has led to predictions of a substantial rally, with one analyst suggesting a potential 231% recovery to its 2024 highs.
In the past 24 hours, the SHIB burn rate has surged by an impressive 189.4%. This means that over 3.6 million SHIB tokens have been incinerated, effectively removing them from circulation. Within the last five hours alone, two transactions were recorded, burning a total of 2.5 million SHIB tokens.
Crypto trader Javon Marks has identified multiple bullish patterns in SHIB’s price chart, suggesting a potential for a massive recovery. He cites the “Hidden Bull Divergence” pattern, which is often considered a strong bullish signal indicating the continuation of an upward trend. Marks believes that this pattern could lead to a price increase of over 480% to reach a target of $0.000081.
This surge in activity has attracted attention, with data showing a 171.4% increase in SHIB large transaction volume and a 28.6% increase in daily active addresses in a single day. Furthermore, 79% of Shiba Inu holders have been accumulating the coin for over a year, reflecting a strong long-term confidence in the meme coin.
The influence of Bitcoin as an institutional asset class will be explored at Benzinga’s upcoming Future of Digital Assets event on November 19.
It’s important to note that, as with any investment, potential rewards come with associated risks. The cryptocurrency market is notoriously volatile, and investors should be aware of these risks before making any investment decisions.
