Shiba Inu price: Is SHIB the next meme coin to explode, Dogecoin-killer rallies 20%
- Shiba Inu burn rate is up 443% overnight, fueling a bullish sentiment among SHIB holders.
- Despite yielding nearly 20% gains overnight, Shiba Inu is 84.2% below its all-time high of $0.000086.
- Analysts believe Shiba Inu is following in the footsteps of Dogecoin, breaking out from a long-term downtrend.
Shiba Inu burn data portal revealed a jump in the burn rate of the meme coin. Several bullish triggers have pushed Shiba Inu price higher, the meme coin is following in the footsteps of rival Dogecoin.
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Shiba Inu burn increased by 443%
Shibburn, the portal that records detailed statistics of Shiba Inu burned revealed a massive spike in the burn rate. Shiba Inu’s burn rate climbed 443% overnight, with a burn of 14,089,818 SHIB tokens over the past 24 hours. Since the beginning of Shiba Inu’s burn implementation, upwards of 410 trillion SHIB were burnt.
The single largest burn was from an address 0x6081258689a75d253d87ce902a8de3887239fe80 which burnt nearly 12.75 million SHIB tokens, pushing the burn rate higher.
Shiba Inu burnt in a transaction
Shiba Inu set a new milestone
Based on data from a crypto intelligence platform IntoTheBlock, Shiba Inu has witnessed its highest percentage of long-term holders, setting a new milestone. The rate of traders “holding” Shiba Inu in the long term has climbed to 42%, a new all-time high.
The percentage of mid-term speculators and traders holding Shiba Inu in the short term for quick profit-taking has declined. 42% of Shiba Inu holders have held their tokens for over a year, 55% have held SHIB for less than a year, and 3% have held the meme coin for less than a month.
Moreover, there is a spike in large volume transactions worth $100,000 or more. $466.79 million worth of Shiba Inu has been moved around by whales, and large-wallet investors, indicating a rise in on-chain activity.
IntoTheBlock suggests that the sentiment among Shiba Inu holders is mostly bullish.
Analysts believe Shiba Inu price breakout is confirmed
Crypto Faibik, a crypto trader and analyst evaluated the SHIB/USDT price chart and argued that a descending channel upside breakout is confirmed. There is bullish solid volume to back up the breakout in Shiba Inu, therefore Faibik expects the meme coin to rally like Dogecoin.
SHIB/USDT price chart
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
