'Dogecoin Killer' Shiba Inu Burn Rate Spikes 1,442%, Trader Predicts Price 'Potentially Doubling Or Even Tripling'

‘Dogecoin Killer’ Shiba Inu Burn Rate Spikes 1,442%, Trader Predicts Price ‘Potentially Doubling Or Even Tripling’

3 June 2024

in SHIBA

Reading Time: 3 mins read

June 3, 2024 3:32 PM | 2 min read

Shiba Inu (CRYPTO: SHIB) witnessed a significant increase in the past 24 hours burn rate, with traders bullish about its upcoming price momentum.

What Happened: Shibburn data noted a spike of 1,441.7% in the burn rate over the past 24 hours, led by a single transaction burning 21.3 million coins around five hours ago. Shibariumscan indicated a spike in new transactions rom 7,483 transactions on June 1 to 9,181 on June 2. New verified contracts also up to 13 from 8 over the same period.

Crypto trader YG Crypto, in a recent tweet, noted Shiba Inu finding buyers at the support trendline, leading to a price bounce. He highlighted that this could be an opportunity for those holding long positions in SHIB to adjust their stop loss and hold for a potential move toward the resistance area. He wonders if Shiba Inu will pump soon.

Armando Pantoja, a Benzinga crypto advisory board member, called SHIB in a bullish tweet “the easiest 2x-3x play” he has ever seen. He added, “We could see a significant price surge, potentially doubling or even tripling based on a tightening coil pattern.”

Meanwhile, trader and crypto investor SHIB KNIGHT tweeted,

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Price Action: In the past 24 hours, SHIB is trading 2% higher at $0.00002475.

Also Read: Shiba Inu, Dogwifhat Defy Market Dips, Altcoins Set For Major Rally And More: This Week In Cryptocurrency

Why It Matters: Lookonchain data last week pointed to a dormant Shiba Inu whale that was inactive for 3.5 years. Terming him the super diamond trader, the trader had spent 2 Ethereum coins, worth $2,625, for purchasing 48.09 billion Shiba Inu coins in February 2021. The trader then sold it for 278.7 ETH, worth $1.1 million, at a gain of 419x.

IntoTheBlock data highlighted a more than 100% increase in transactions greater than $100,000 to 250 as of June 2 from 99 as of June 1. Meanwhile, 60% of Shiba Inu holders are currently making a profit, with 73% concentrated by large holders. Large transactions volume widened by 67%, while daily active addresses increased by 16.6%.

The tweet from YG Crypto comes at a time when Shiba Inu has been experiencing significant volatility. The mention of a price bounce off the support trendline is crucial for traders who are looking for entry and exit points in the market.

What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Massive Shiba Inu Burn Ignites Hope For Price Recovery Despite Market Downturn

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