Shiba Inu (SHIB) Increases Burn Rate by 6200%: Rally Coming.

Shiba Inu CRYPTO SHIB suffered a price correction over the weekend that erased the previous week's gains, but rising burn rates and bullish signals on the chart suggest the meme cryptocurrency is on the cusp of a rally.

What Happened After burning 290,321 tokens, Shiba Inu's burn rate increased by 6,223.7% over the past 24 hours, according to Shibburn. Over the past week, the ecosystem has burned 130 million SHIB tokens.

Shibarium's marketing lead Lucie highlighted the efforts of contributors, noting that the ecosystem has burned around $1.5 million worth of SHIB over the past year. She also believes that if there were more than 10 contributors, burn rates would be much higher.

Despite Shiba Inu's rally cooling off over the weekend, crypto trader Nology remains bullish as he holds a long-term position and recently added to it.

He anticipates a strong performance in the coming weeks, noting that the crossover of slow EMAs on the daily timeframe supports a longer-term uptrend.

CoinSignals predicts a breakout of the symmetrical triangle with a target of between 25% and 50%, while crypto trader TheMoonCarl forecasts a pump that could take SHIB to $0.00003630.

Shiba Inu Stats

Data from IntoTheBlock shows that large transaction volume decreased by 31.6% and daily active addresses fell by 15.6%.

Transactions over $100,000 have dropped from 494 to 324 in a single day.

Around 61% of SHIB holders are in profit, up from 59% on November 15, while 31% are still in the red.

Shibarium data shows that daily transactions have increased from 4.69 million on November 16 to 4.71 million on November 17.