Shiba Inu's SHIB/USD Burn Rate Spikes 1,000%, Here's What's Next

After a five-day dry spell, Shiba Inu‘s SHIB/USD burn rate is spiking alongside improving key metrics.

Shiba Inu's (CRYPTO: SHIB) burn rate has spiked by over 1,000% in the past 24 hours, burning 98,136 SHIB in the process, according to Shibburn data. The meme coin is now up 5.4%.

Shiba Inu's technical analysis shows the relative strength index in neutral territory at 50 (as of August 19), according to Benzinga's analysis. The 200-day Simple Moving Average chart is crossing above the 50-day and 100-day SMAs, which implies the long-term outlook for the meme coin remains bullish with vague short-term prospects.

In an exclusive interview with Arabian Business, Shytoshi Kusama and Kaal Dhariya stated that their identities being anonymous is the superpower they have. It assists them in blending with the community and receiving any honest feedback they want.

Large transaction volume spiked by 284.4% to $21.5 million, while transactions greater than $100,000 surged from six to 50 transactions in a single day, according to IntoTheBlock data.

Shibariumscan data shows active accounts multiplying from 237 (Aug.19) to 1,103 (Aug.20). New transactions also surged from 1,736 to 11,194.

An anonymous new buyer purchased a total of 460.96 billion SHIB, valued at $6.07 million, in a series of transfers ranging from $15 to $5.28 million, according to U.Today. Over the week, the address has had the highest SHIB inflows.

The influence of Bitcoin as an institutional asset class will be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.

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