‘Dogecoin Killer’ Shiba Inu’s Burn Rate Fires Up To 6,018%, ‘Price Rebound’ May Be Next Thanks To This Indicator

Shiba Inuof SHIB/USD The burn rate and whale trading numbers surged early Tuesday morning, with traders anticipating a price surge ahead.

what happened: According to data from Shibburn, the burn rate has increased by 6,018.2% in the past 24 hours, with a total of 10.2 million coins burned: on Monday evening, 5.6 million and 3 million coins were burned in two transactions, and a further 1.18 million coins were burned on Monday afternoon.

Crypto Analyst Ali Martinez A buy indicator appeared on the daily chart of SHIB:

Another cryptocurrency trader with a large following was suggested SHIB may be a better buy for traders with larger wallets than those with smaller portfolio sizes.

Price Trends: In the past 24 hours, SHIB has risen 2% to $0.00001724.

Read also: “Dogecoin Killer” Shiba Inu Fizzles — What These Key Indicators Reveal About the Near-Term Outlook

Why is this important: According to data from IntoTheBlock, large-value transaction volume increased by 468.5%, with transactions of over $100,000 more than doubling from 54 on June 23 to 125 on June 24.

According to data from Shibariumscan, the total number of addresses is 1.81 million, with 415.9 million completed transactions.

Data from analytics company Spot On Chain Posts A Shiba Inu whale saved up SHIB 1.8 trillion (equivalent to $18.1 million) from November to December 2023. The whale has unrealized gains of $8 million, giving it a return on investment of 79%.

What’s next?: The impact of meme coins and Bitcoin as an institutional asset class will be explored in depth at Benzinga’s “The Future of Digital Assets” event on November 19th.

Read next: What’s happening with Dogecoin and Shiba Inu?

Image: Shutterstock

Market news and data provided by Benzinga API

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