Shiba Inu (CRYPTO: SHIB) has cooled off 6% on Friday after its recent rally, but growing optimism stems from rising burn rates and favorable technical analysis.
What Happened: Shiba Inu’s burn rate soared 114.5% in the past 24 hours after burning 16.2 million tokens in a single transaction, according to Shibburn. Over the past week, the burn rate increased 323.7%, with a total of 641.9 million SHIB tokens burned.
Whale activity has also been noteworthy. A whale moved 4 trillion SHIB, worth $99 million, to a newly created wallet on Nov. 14. The sender is Shiba Inu’s ninth-largest holder, with over 7 trillion SHIB (0.73% of the total …
Full story available on Benzinga.com