Shiba Inu (CRYPTO: SHIB) has seen a massive spike in its burn rate, fueling a 5% price gain, with potential further upside on the cards.
Trader Notes: Shib Army member Shib Knight highlighted SHIB's bullish momentum, pointing to a series of higher lows that suggest tests of upcoming resistance levels may be on the horizon.
Statistics: Shibburn data shows the burn rate jumped 48,247.5% in one day, removing 87.96 million SHIB from circulation.
One transaction alone burned 85.7 million SHIB about 12 hours ago.
Over the past seven days, 101.63 million SHIB were burned, a 637.9% increase.
Shibariumscan reports daily transactions have consistently stayed above 4.6 million in recent weeks.
IntoTheBlock notes SHIB's large transaction volume surged 31% in a day, totalling $49.9 million.
Community News: Shiba Inu marketing lead Lucie pointed out that the broader crypto market cap has hit $4.1 trillion, hinting at an approaching altcoin season.
She noted that the FUD surrounding Treat token under $2 million may be a buying opportunity and that SHIB's ecosystem often mirrors Bitcoin, potentially driving gains as SHIB's market cap grows toward $30–50 billion.
Top developer Kaal Dhariya added that while SHIB's success can have a "halo effect" on related tokens like TREAT, BONE, and LEASH, he emphasizes that each token should thrive independently.
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