Shiba Inu sees significant increase in burning rate: Analyst expects 200% surge in SHIB price

While meme coins achieved significant gains on Wednesday, November 6th, Shiba Inu reached a new milestone with an increase in burn rate and Shibarium activity. The popular second meme coin showed a weak price increase in line with the overall market trend. However, with a significant increase in the burn rate, the price of the meme coin can test a higher level.

Significant increase in Shibarium transactions

The daily transaction volume of Shibarium, which shares its up-to-date data on the shibariumscan website, has reached an important milestone. Last week, Shibarum's daily transactions, which were 4.21, reached 4.43 million according to the latest data. The network usage of Shibarium, which showed a decline in the past months due to network issues, has exceeded 57%.

With the increase in the number of daily transactions, the burn rate of Shiba Inu has also increased by 3674% in the past 24 hours, and according to data from the Shibburn website, 53,312,864 SHIB has been burned. This sharp increase in the burn rate is attributed to the increasing activities in the SHIB ecosystem. However, the price of meme coins is lower compared to popular meme coins such as DOGE, PEPE, and POPCAT, which have achieved double-digit gains.

A 200% increase in Shiba Inu price is expected

The SHIB price has recorded a growth of 5% and is trading at $0.000018. Analysts suggest $0.000056 for the meme coin with a transaction volume that has increased by 198%. Market analyst Alex Clay indicated a descending wedge pattern in the SHIB price in his latest post, indicating a possible bull run.

The wedge pattern, which is a crypto formation indicating the end of a downtrend, is interpreted as the asset approaching the bottom levels and preparing to rise. If this prediction by the analyst comes true, the price of the meme coin can show a 200% increase over the current price.

Technical chart MACD and RSI Source. coinmarketcapFinally, when we look at the current Shiba Inu technical chart, the Bollinger Bands are moving horizontally, indicating that the price volatility is not open. The MACD indicator is preparing to cut the signal line upward. The current price has risen above the 50 SMA, supporting the short-term upward trend. Finally, the Relative Strength Index (RSI) is in the neutral zone at the 58 level.

The information in the text is for informational purposes only. It does not constitute investment advice. Cryptoparahaber.com is not responsible for any profits or losses resulting from your investments. Ultimately, investment relies on various factors such as knowledge, experience, research, and personal decisions.

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