'Dogecoin Killer' Shiba Inu Soars 7% As Burn Rate Explodes By 1,500%

Shiba Inu (CRYPTO: SHIB) is showing strong signs of building momentum as burn activity spikes, large transactions increase, and bullish technical patterns emerge. Traders believe SHIB could be gearing up for a major move if key levels hold.

Trader Notes: Crypto trader CW highlighted SHIB's recent strength, noting the meme coin has cleared a key sell wall and is now approaching the next major resistance zone.

Investing Haven pointed out that SHIB may be forming a giant double bottom, a classic reversal pattern.

However, the setup remains valid only if $0.00000808 holds as support into 2025. If this level is maintained, targets between $0.000044 and $0.000066 could come into play.

The structure is bullish, but it will take time, the analyst added.

Statistics: Shibburn data shows the burn rate rising by 1,526.8% in the past 24 hours. A total of 19.5 million SHIB were removed in two major transactions :1 million SHIB burned three hours ago and 16.2 million SHIB burned 20 hours ago.

Shibariumscan data shows daily transactions are back above the 4 million mark, currently at 4.6 million, after a brief dip lower.

IntoTheBlock data shows Shiba Inu large transaction volume expanded by 46% in a single day, while daily active addresses increased by 5.5% during the same period.

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