Shiba Inu's burn rate has jumped by 349%. In just 24 hours, 13.6 million SHIB coins were removed from circulation. Analysts are feeling optimistic. They see bullish momentum supported by technical indicators and ongoing burn activity.

Right now, Shiba Inu (SHIB/USD) is in a sideways consolidation phase. But that high burn rate has traders excited about a possible breakout.

Cryptocurrency Price Market Cap 24-Hour Trend 7-Day Trend

  • Shiba Inu (SHIB/USD) $0.00002801 $16.5 billion -2.1% -6.6%
  • Dogecoin (DOGE/USD) $0.4061 $59.8 billion -1% -5.3%
  • Pepe (PEPE/USD) $0.00002377 $9.9 billion -2.4% +12.4%

Trader TheCryptoBull pointed out that Shiba Inu's chart "looks primed for launch very soon." This suggests that a bullish movement could be on the horizon.

Benzinga's technical analysis backs this up. As of December 12, Shiba Inu’s Relative Strength Index (RSI) was at 54.5. In a bullish market, the RSI usually ranges from 40 to 90. The 40–50 range often acts as a support zone.

The Simple Moving Average (SMA) analysis shows something interesting. The 50-day SMA has crossed above both the 100-day and 200-day SMAs. This signals bullish momentum and acts as a buy signal for traders.

According to Shibburn data, around 13.6 million SHIB coins were burned in the last 24 hours. This pushed the burn rate up by 348.7%. Consistent coin burning often indicates a potential price increase soon.

However, IntoTheBlock data shows a 26.7% drop in SHIB large transaction volume. Daily active addresses have also fallen by about 3%. Transactions over $100,000 decreased from 555 to 461 in a single day. Despite this, Shibariumscan data reveals that daily transactions have held steady at around 4.5 million.

Community News: On December 10, Gemini launched a new perpetual contract priced in Gemini Dollars (GUSD). This allows users to trade SHIB against the stablecoin. It expands SHIB's trading options alongside existing contracts for Bitcoin, XRP, Bitcoin Cash, and Dogecoin. This feature is great for traders looking to leverage market movements without needing a lot of upfront capital.

Shiba Inu has surged 208% this year. This has sparked predictions that it could break into the top 10 cryptocurrencies by 2025.