Shiba Inu SHIB/USD has attracted the attention of traders following a dramatic increase in burn rate and daily trading.
What happened: Shiba Inu’s burn rate jumped 6,750.7%, led by the burn of 27.1 million coins 15 hours ago, according to Shibaan data. An additional 400,000 coins were burned in two separate transactions within the past 12 hours.
Crypto analyst Javon Marks highlighted a bullish divergence pattern hidden in SHIB’s price chart, indicating significant upside potential. Despite the recent rally, he maintains his price target on Shiba Inu at $0.000081, which could represent a potential upside of 355.6% from current levels.
Marks believes this pattern could signal the beginning of a continued rally, potentially pushing SHIB up more than 330%.
Price Action: Over the past 24 hours, SHIB is down 2% and trading at $0.00001781, adding to its 5.2% loss over the past week.
Also read: Shiba Inu, ready to launch to the moon? Popular analyst predicts burn rate to jump 389% and Memecoin to soar 50%
Why it matters: Despite the decline in SHIB’s price, the number of daily trades as of October 22 jumped to 1.77 million from 128,050 the day before. New account creation also increased significantly, with 4,519 accounts compared to 1,028 the previous day.
According to IntoTheBlock, large transaction volume ($100,000 or more) decreased by 66.6% and active addresses decreased by 12%. Transactions over $100,000 fell from 209 to 59 in one day.
What’s next: The impact of meme coins will be thoroughly explored at Benzinga’s Future of Digital Assets event on November 19th.
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