Burn Rate Spikes

Shibburn data shows over the past 24 hours the ecosystem reported a spike of 1,034.8% in its burn rate as one single transaction involved the burning of 25.04 million SHIB.

Over the last 30 days, Shibarium removed 198.2 million SHIB although unable to create a supply scarcity bullish impact on its price.

Bullish Setup, But Don’t Get Carried Away

Trader Javon Marks said Shiba Inu appears to be breaking out of a falling wedge pattern, a setup often viewed as bullish.

The analyst noted SHIB previously rallied nearly 6x after a similar breakout and believes a stronger move could follow this time if broader altcoin momentum continues building.

Onchain research and narrative trader…

Read more on Benzinga