'Dogecoin Killer' Shiba Inu Burn Rate Soars 3,674%: What Is Going On?

Shiba Inu (CRYPTO: SHIB) is up 2% in Wednesday trading and continues to burn tokens, fueling trader speculation about positive price action on the horizon.

What Happened: Data from Shibburn shows Shiba Inu’s burn rate increasing by 3,674%in the past 24 hours. 53 million SHIB were burned, including 28.8 million and 14.7 million SHIB in two separate transactions.

Trader World Of Charts foresees a strong 150-200% upward push for Shiba Inu if the token can sustain its breakout.

$Shib #Shib Bullish Pennant Consolidation Under Descending Broadening Wedge Crucial Trendline Shib On Verge Of Massive Breakout After Successful Breakout Can Give 150-200% Bullish Wave Easily Read more... pic.twitter.com/MkAMDyXoo2

— World Of Charts (@WorldOfCharts1) November 5, 2024

Also Read: Shytoshi Kusama Promotes S.H.I.B As Elon Musk Touts D.O.G.E — Shiba Inu Rallies 10% Amid Broader Crypto Gains

Why It Matters: Increasing burn rates are seen as a deflationary tactic that could raise SHIB's value. IntoTheBlock data shows large transaction volume surged by 45.8% while daily active addresses dropped by 9%. Transactions greater than $100,000 are up from 586 to 945 in a single day.  

After Donald Trump winning the presidential election, Bitcoin and altcoins rallied, with Bitcoin hitting a new all-time high in the process.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: 

• ‘Dogecoin Killer’ Shiba Inu Up 3%: What Is Going On?

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