“Dogecoin Killer” Shiba Inu Burns 277 Million Coins in One Transaction: Watch These Levels for a Bullish Rally

Shiba Inus SHIB/USD Rising burn rates have traders speculating that the meme coin is preparing for an impending price rally.

What happened: According to Shibburn data, Shiba Inu’s burn rate has increased by 14,575.02% since the last burn transaction of 277.6 million coins. Given the increase in burn rates, SHIB is up 2.6% in the last 24 hours.

Crypto enthusiast “Chiara.sol” set new targets for Shiba Inu over the weekend as the meme coin “broke out of an uptrend and a potential rally is taking shape.”

It sees key resistance levels at $0.0000186494, $0.0000196923, and $0.0000209399. If these zones are overcome, SHIB could rise to $0.000027 (+49% from current levels) in the coming days or weeks.

#SHIB

Shiba Inu has just broken out of an uptrend and a possible rally is on the horizon. 📈 The 60-minute chart shows a second phase of accumulation forming a triangle pattern, suggesting an upward move.

Important resistance levels to keep an eye on:

$0.0000186494… pic.twitter.com/mLoIt7chsH

— Chiara.sol (@chiarapromos) October 12, 2024

Also read: What’s going on with Dogecoin and Shiba Inu today?

Why it matters: IntoTheBlock data shows that large transaction volumes decreased by 55.9% and daily active addresses increased by 4.3%. Shiba Inu’s concentration among large holders remains at 73%, suggesting high trader interest in the meme coin as a long-term investment.

Highly followed crypto influencer Ansem pointed out that Shiba Inu has 1.4 million holders, according to Etherscan data, compared to the top meme coins on Solana, which only have 100,000 holders.

Benzinga’s technical analysis shows an RSI of 42.9 for SHIB, suggesting that the meme coin is in an uptrend or bull market. The 50-day simple moving average and 100-day simple moving average are soon converging, suggesting that a significant price move could be imminent.

What’s next?: The influence of meme coins is expected to be explored in depth at Benzinga’s upcoming Future of Digital Assets event on November 19th.

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