Shiba Inu Burn Rate Surges To 938%: What Is Going On?

Shiba Inu's (CRYPTO: SHIB) second consecutive day of rising burn rates alongside significant whale transactions spells bullish momentum, according to traders.

What Happened: Shiba Inu’s burn rate increased 938.7% in the past 24 hours after burning 3.7 million tokens, according to Shibburn. Around 20 hours ago, two transactions of 1.5 million and 2 million were recorded.

Shiba Inu pseudonymous lead developer Shytoshi Kusama's recent tweet sparked excitement among the SHIB Army if this is a signal of significant news on the horizon.

On the same day, he also stated that "the force is with us."

Also Read: Will Shiba Inu Coin Reach 1 Cent By 2025? 47% Of Benzinga Readers Say…

Why It Matters: ‘Dogecoin millionaire’ Glauber Contessoto rankged SHIB among his favorite meme coins:

If you want the easiest most guaranteed way to make money on memecoins this cycle here's a cheat code.

This is a list of the Top 10 meme coins by marketcap.

1. $DOGE
2. $SHIB
3. $PEPE
4. $BONK
5. $WIF
6. $FLOKI
7. $POPCAT
8. $BRETT
9. $PNUT
10. $GOAT

This isn't a list I… pic.twitter.com/ozNFCy4h27

— SlumDOGE Millionaire (@ProTheDoge) November 19, 2024

Benzinga technical analysis shows Shiba Inu's Relative Strength Index at 72.2, indicating the meme coin is overbought or overvalued.

In a bull market, the RSI typically stays between 40 and 90.

The simple moving average chart shows the 50-day SMA has crossed over and above the 200-day implying a bullish golden cross for the meme coin.

IntoTheBlock data shows large transaction volume increasing by 120.9% and daily active addresses down by 0.03%. Transactions greater than $100,000 are up from 324 to 519 in a single day.

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