Shiba Inu Burn Rate Soars Over 6,500% In 1 Day: What Is Going On?

Shiba Inu (CRYPTO: SHIB) is flashing strong bullish signals, with a massive spike in the burn rate fueling trader optimism about a major breakout.

Trader Notes: Crypto analyst Javon Marks highlights an inverse Head & Shoulders pattern forming on SHIB's chart.

The price is now in the final shoulder phase, setting the stage for a potential breakout to $0.000081, implying a 431% upside.

If confirmed, this setup could ignite a 5X rally, echoing past explosive SHIB runs.

Galaxy sees SHIB approaching a key resistance level that may soon give way to higher prices.

Statistics: Shibburn data shows burn rate soared 6,568.2% in the past 24 hours as 22.9 million SHIB were removed from the ecosystem.

Around 13 hours ago, a single transaction burned 16.4 million SHIB.

Shibariumscan data points to daily transactions maintaining strong momentum at 4.63 million.

IntoTheBlock data shows Shiba Inu large transaction volume expanded by 279.7% in a single day, while daily active addresses grew 15.2%.

Transactions greater than $100,000 jumped from 55 to 101.

Read Next: 

• Shiba Inu Surges 37% In 1 Month: How High Can The SHIB Price Go?

Image: Shutterstock