Shiba Inu (SHIB) Burn Rate Spikes 189%, Trader Predicts 231% Rally

Shiba Inu SHIB/USD is trading higher as the burn rate spikes 189% prompting traders to predict a 231% rally for the meme coin.

Shiba Inu (CRYPTO: SHIB) burnout rate has spiked by 189.4% in the past 24 hours, with two large trades confirmed.

The burnout rate reached 189.4% in the past 24 hours, Shibburn data revealed. During this period, approximately 3.6 million SHIB coins were burned.

Two large transactions of 1.5 million and 1 million were confirmed in the past 5 hours.

Crypto trader Javon Marks pointed out that Shiba Inu's price has formed multiple bullish chart patterns and has significant upside potential of more than 231% from its 2024 high.

He suggested that the price pattern currently being seen is part of a larger process and that the target price of $0.000081 is well within sight.

“Considering this target, the bullish pattern (Hidden Bull Divergence) identified on the chart indicates the potential for a continued rally of over 480% towards the $0.000081 target.”

Hidden bull divergence is known as a bullish chart pattern that suggests a continuation of an uptrend.

If Marks' prediction comes true, it could represent a huge opportunity for investors and traders. However, as with all investments, high returns come with risks, and you need to take into account the volatility of the crypto market.

According to IntoTheBlock data, SHIB's large trading volume surged by 171.4%, and daily active addresses increased by 28.6%.

About 79% of Shiba Inu holders have held their coins for more than a year, indicating confidence in the future potential of this meme coin.

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