Shiba Inu (CRYPTO: SHIB) is gaining attention from traders after a dramatic rise in its burn rate and daily transactions.
What Happened: According to Shibburn data, Shiba Inu’s burn rate skyrocketed by 6,750.7%, led by a 27.1 million coin burn 15 hours ago. 400,000 more coins were burned in two separate transactions within the last 12 hours.
Crypto analyst Javon Marks highlighted a hidden bull divergence pattern in SHIB's price chart, indicating potential for a significant upward movement. Despite the recent breakout, he maintains his target price for Shiba Inu at $0.000081, a possible 355.6% increase from current levels.
Marks believes this pattern could signal the start of a continued rally, potentially pushing SHIB up by over 330%.
Price Action: In the last 24 hours, SHIB has dipped 2%, trading at $0.00001781, adding to its 5.2% loss over the past week.
Why It Matters: Despite SHIB's price drop, daily transactions surged to 1.77 million as of Oct. 22, up from 128,050 the day before. New account creation also saw a sharp increase, with 4,519 new accounts compared to 1,028 the previous day.
IntoTheBlock shows large transaction volumes ($100,000 or more) dropping by 66.6%, and active addresses falling by 12%. Transactions greater than $100,000 fell from 209 to 59 in a single day.
What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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