‘Dogecoin Killer’ Shiba Inu SHIB/USD posted another day with a high burn rate, attracting the interest of traders.
What Happened: The burn rate has surged 355% in the past 24 hours, according to Shibburn data. 28.2 million coins were burned, with one transaction alone removing around 10.8 million coins.
Crypto trader Kevin predicts SHIB to surge based on historical trends, pointing out that the meme coin has experienced seven weekly Stoch RSI crosses throughout its existence. The average price increase was 146% for each time this cross occurred at major support. He further added that Shiba Inu is currently 30% up from its local bottom. If the past pattern continues, there is more upside potential, the trader stated.
Also Read: ‘Dogecoin Killer’ Shiba Inu Sees Burn Rate Explode 440%: Here’s How It Impacts Technical Analysis
Why It Matters: IntoTheBlock data shows large transaction volume decreasing by 70.8% and transactions greater than $100,000 dropped from 84 transactions on July 8 to 57 transactions on July 9.
73% of SHIB is held by large holders and 77% have been held for more than a year.
Shibburn mused if Binance may start burning SHIB trading fees. Previously, another trader had asked Binance to burn SHIB as part of its trading fees.
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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