Shiba Inu (CRYPTO: SHIB) is seeing a massive spike in its burn rate, fueling speculation of a bullish reversal as key technical and on-chain metrics strengthen.
| Cryptocurrency | Price | Market Cap | 24-Hour Trend | 7-Day Trend |
| Shiba Inu (CRYPTO: SHIB) | $0.00001246 | $7.3 billion | +2% | -7.3% |
| Dogecoin (CRYPTO: DOGE) | $0.1694 | $25.1 billion | -0.07% | -16.5% |
| Pepe (CRYPTO: PEPE) | $0.056973 | $2.9 billion | -0.9% | -1.5% |
Trader Notes: Rose Premium Signals notes that SHIB is testing the upper resistance of a falling wedge on the 4-hour chart. A breakout above the 50-day moving average is needed to confirm an uptrend, with potential targets at $0.00001305, $0.00001375, $0.00001485, and $0.00001565 if it happens.
Trader CW highlights a strong buy wall at current levels, with three sell walls standing between SHIB and its previous high of $0.00034. He believes a falling wedge breakout could trigger a major rally, stating: “It all starts in an instant.”
Statistics: Shibburn reports 505.6 million SHIB burned in the past 24 hours, with 459.3 million SHIB incinerated in a single transaction 20 hours ago. This pushed the burn rate higher by 27,735.7%.
Considering trying out virtual dating RN? We got you. Here are some tips to turn you into a video dating pro — instantly.
Shibariumscan shows daily transactions jumped from 69,800 (March 12) to 1.46 million (March 13), alongside a surge in active and new accounts.
IntoTheBlock data shows Shiba Inu large transaction volume increased 64% while daily active addresses were up 1.1%.
Community News: Shiba Inu marketing lead Lucie announced Shib OS, a decentralized governance platform aimed at replacing outdated centralized models for governments and enterprises.
With strong on-chain activity, rising burn rates, and a bullish technical setup, all eyes are on SHIB for a potential breakout.
Are You Taking One of These 9 “Memory Erasing” Prescriptions? [ad]
You may think your memory loss is just a sign of getting older, but one of these 9 drugs could actually be damaging your brain... These 9 prescription drugs have now been linked to Alzheimer's disease diagnoses. If you're over the age of 60, and you're taking even 1 of these 9 drugs, your brain could be at risk. Click here to learn more.
Read Next:
Image: Shutterstock
