“Dogecoin Killer” Shiba Inu SHIB/USD Sees Sharp Increase in Burn Rate, Daily Transactions

Over the past 24 hours, the Shiba Inu ecosystem recorded a 254,078.1% spike in its burn rate, with 5.6 billion SHIB tokens burned in a single transaction

“Dogecoin Killer” Shiba Inu (CRYPTO: SHIB) burn rate surged on Friday with over 5.6 billion SHIB tokens burned in a single transaction.

Here's what you need to know about the SHIB burn and other key updates.

Shiba Inu Burn Rate Spikes 254,078.1%: Around 14 hours ago, the Shiba Inu ecosystem incarcerated 5.6 billion SHIB tokens in one single transaction and around seven hours ago, 25.9 million SHIB coins were burned in one transaction.

A Shiba Inu community account cautioned traders in a post on X that some projects use large burns as promotional tactics to attract the ShibArmy with presales or lower-quality tokens. The account added that this could be a “quick attention play” and traders should remain alert and take informed investment decisions.

Following a 16% rally this week, technical analyst Clifton Fx highlighted a bullish flag formation for SHIB on the three-day timeframe, predicting a potential 80%-90% upside rally if a breakout materializes.

$SHIB (Update)

Bullish Flag Formation in 3d Timeframe…

In Case of Upside Breakout We Can See a 80 – 90% Bullish Rally

Also Read: Shytoshi Kusama Touts Shiba Inu Lifetime Gains Of 33774726%: ‘We Still Have Far To Go And Much Work To Be Done’

SHIB Price Action: Over the past 24 hours, SHIB price rose by 2.2% and焼過七天內上漲了 16%。

At the time of writing, SHIB was trading at an average price of $0.000012.

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