Shiba Inu (CRYPTO:SHIB) has gained momentum in recent days, driven by a significant increase in its burn rate and a steady rise in whale transactions.
| Cryptocurrency | Price | Market capitalization | 24 hour trend | 7 day trend |
| Shiba Inu (CRYPTO: SHIB) | $0.00003011 | $17,700,000,000 | -5.5% | +16.5% |
| Dogecoin (CRYPTO:DOGE) | $0.4277 | $63,200,000,000 | -3.6% | +3.8% |
| Pepe (CRYPTO: PEPE) | $0.00002115 | $8,900,000,000 | -4.3% | +4.8% |
Trader analysis
Traders are optimistic about SHIB’s trajectory. Bluntz Capital tweeted that a “God candle is charging” for Shiba Inu, indicating a potential significant price spike.
$shib god candle loading https://t.co/eAlEXEB0TN pic.twitter.com/Iwo9TeLVIU
— Bluntz (@Bluntz_Capital) December 4, 2024
Similarly, Guru Asymmetry noted that SHIB is “poised” for an upward move, while Trading Benjamins suggested that a break above resistance levels could trigger a rapid rally. SHIB KNIGHT sees a bullish pattern forming, with a price target above $0.00004.
Statistics
Shibburn data shows that its burn rate skyrocketed 208.5% in the last 24 hours, with 53.4 million coins withdrawn from circulation in one transaction about nine hours ago.
More Read
Shibariumscan reports stable growth in daily transactions on the Shibarium network, which reached 4.76 million compared to 4.43 million on November 5. Data from DefiLlama shows that Shibarium’s total value locked (TVL) reached $5.82 million, a record high.
Data from IntoTheBlock shows that broad transaction volume has decreased by 5% and daily active addresses have increased by 16%. Transactions of more than $100,000 have gone from 910 to 966 in a single day. About 72% of SHIB holders are in profit and 9% are breaking even.
What else you should know
Shiba Inu’s ongoing token burns and increased on-chain activity are reducing supply and strengthening its bullish outlook. Combined with increasing adoption volume and whale activity, SHIB appears well positioned for another significant rally.
You can also read: Jason Shapiro warns: Why avoid Bitcoin and other risk assets until the end of the year?
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