CandleFocus Is Shiba Inu (SHIB) Ready for Next Major Rally?
2024-12-02
Author: Content Editor
Shiba Inu (SHIB), the second-largest meme coin, may be on the verge of a rally as its burn rate increases and its price sees a short-term correction. Despite a 5.19% decline in the last 24 hours, SHIB has risen 7.8% in the past week, with monthly and yearly increases of 61.74% and 239.6% respectively. The increase in trading volume, up 31.34% to $6 billion in the last 24 hours, suggests investor commitment to purchasing SHIB. Additionally, over 1.4 million SHIB tokens were recently burned, representing a 486.32% spike in the burn rate. Large investors have also increased their activities, with a 396.38% increase in large transaction volume and a 19.5% increase in daily active addresses. However, a sarcastic tweet from the lead developer triggered mixed reactions from the SHIB community regarding the burns.
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