Shiba Inu (SHIB) Price Correction May Be Over as Burn Rates and Bullish Chart Signals Suggest Impending Rally

Shiba Inu SHIB/USD experienced a weekend price correction erasing the gains from the previous week, but rising burn rates and bullish chart signals suggest an impending rally

Shiba Inu (CRYPTO: SHIB) experienced a weekend price correction that erased the gains from the previous week, but rising burn rates and bullish chart signals are still pointing toward an impending rally for the meme coin.

Shiba Inu’s burn rate soared 6,223.7% in the past 24 hours with 290,321 tokens burned, according to data from Shibburn. Over the past week, a total of 130 million SHIB tokens were burned.

Crypto trader Nology noted that despite the cooling in Shiba Inu’s rally over the weekend, he remains optimistic, having held a position long-term and adding to it recently.

"Anticipating strong performance in the coming weeks. Crossing of slow EMAs on the daily timeframe supports a longer-term bullish trend,” the trader noted.

CoinSignals anticipates a symmetrical triangle breakout with a 25%-50% target, while crypto trader TheMoonCarl forecasts a pump that could push SHIB to $0.00003630.

Have you been trading #Shib? If it breaks out to the upside, it might pump up to $0,3630? pic.twitter.com/NjodEinnHh

Large transaction volume decreased by 31.6% and daily active addresses dropped 15.6%, according to IntoTheBlock data. Transactions above $100,000 decreased from 494 to 324 in a single day.

Around 61% of SHIB holders are in profit, which increased from 59% on Nov. 15, while 31% are still at a loss.

Shibarium data showed daily transactions increased from 4.69 million on Nov. 16 to 4.71 million on Nov. 17.

Total meme coin valuation rose by 3% in the past 24 hours, according to CoinGecko data.

The role of meme coins in the crypto markets is set to be deeply explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

See the full list of speakers here.

Don’t Miss: Benzinga Announces Inaugural Future Of Digital Assets Event For Nov. 19 In Miami

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