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

Shiba Inu‘s (CRYPTO: SHIB) burn rate and whale transactions count spiked on early Tuesday morning, with traders predicting bullish price action ahead.

What Happened: Shibburn data shows the burn rate increasing by 6,018.2% in the last 24 hours, with 10.2 million coins burned in total. On Monday evening, 5.6 million and 3 million coins were burned in two transaction, with another 1.18 million coins burned on Monday afternoon.

Crypto analyst Ali Martinez flagged a buy indicator on SHIB’s daily chart:

Another heavily followed crypto trader suggested SHIB may be a better buy for bigger wallets compared to traders with smaller portfolios.

Price Action: In the past 24 hours, SHIB is up 2% higher to $0.00001724.

Benzinga Future of Digital Assets conference

Also Read: ‘Dogecoin Killer’ Shiba Inu Falters — Here Is What These Key Indicators Reveal About Its Short-Term Prospects

Why It Matters: IntoTheBlock data shows a 468.5% surge in large transaction volume, with transactions greater than $100,000 more than doubling from 54 transactions on June 23 to 125 on June 24.

Shibariumscan data shows total addresses at 1.81 million and completed transactions at 415.9 million.

Analytics firm Spot On Chain data posted a Shiba Inu whale that depositeing 1.08 trillion SHIB, worth $18.1 million accumulated between November and December 2023. The whale is sitting on an unrealized profit of $8 million, a 79% return on investment.

What’s Next: The influence of meme coins and 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: What Is Going On With Dogecoin And Shiba Inu?

Image: Shutterstock

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