Shiba Inu Burn Rate Jumps 19,930%! Could a Massive Rally Be Ahead?

• Shiba Inu burn rate surged over 19,930% in 24 hours, indicating strong community engagement.
• Shiba Inu’s breakout from the Falling Wedge pattern hints at a potential 360% rally.

Shiba Inu (SHIB) burn rate has recently increased significantly, indicating a rise in ecological activity. According to Shibburn data, 1,881,699,401 SHIB tokens have been burned in the last 24 hours, signifying a tremendous 19,930.1% rise.

Furthermore, over the last seven days, the burn rate has increased by 3,482.6% to 1,916,633,234 SHIB tokens. This increase in SHIB token burning implies heightened demand for reducing the token’s circulating supply, which may indicate bullish market sentiments.

HOURLY SHIB UPDATE$SHIB Price: $0.00002 (1hr 1.59% ▲ | 24hr 16.52% ▲ )
Market Cap: $11,768,564,167 (16.36% ▲)
Total Supply: 589,269,274,407,569

TOKENS BURNT
Past 24Hrs: 1,881,699,401 (19930.1% ▲)
Past 7 Days: 1,916,633,234 (3482.6% ▲)

— Shibburn (@shibburn) September 27, 2024

Futures Market Insights Show Mixed Sentiment Among SHIB Traders 

Beside that, CoinGlass revealed an update in the SHIB futures market. The Open Interest (OI) for SHIB fell 8.54% to $68.05 million. This shift shows that some traders have closed their positions in the market.

Source: CoinGlass

Meanwhile, the Long/Short ratio over the last 24 hours was 0.9444, indicating that short positions were somewhat more prominent than long ones in the market. This could indicate that, while some traders anticipate a downward correction, others are bullish about prospective rising rises.

Meanwhile, as of this writing, SHIB is trading around $0.0000195, down 4.16% over the last 24 hours. This modest correction comes after a strong 7-day rise in which SHIB gained 34.34%. Despite the recent decline, the broader trend indicates that Shiba Inu may be gaining momentum for future rises.

On the other hand, as we previously reported, Shiba Inu’s breakout from a “Falling Wedge” pattern has piqued the interest of market analysts.

This breakout is widely seen as a strong bullish indicator, and if SHIB continues on its present track, it has the potential to climb by 360% from its current level. Such a rise suggests that this breakout could be the start of a significant upward advance for SHIB.