Shiba Inu Burn Rate Soars 27,735% In 24 Hours: Is A 'Bullish Reversal' Coming?

Shiba Inu (CRYPTO: SHIB) is seeing a massive spike in its burn rate, fueling speculation of a bullish reversal as key technical and on-chain metrics strengthen.

Trader Notes: Rose Premium Signals notes that SHIB is testing the upper resistance of a falling wedge on the 4-hour chart. A breakout above the 50-day moving average is needed to confirm an uptrend, with potential targets at $0.00001305, $0.00001375, $0.00001485, and $0.00001565 if it happens.

Trader CW highlights a strong buy wall at current levels, with three sell walls standing between SHIB and its previous high of $0.00034. He believes a falling wedge breakout could trigger a major rally, stating: "It all starts in an instant."

Statistics: Shibburn reports 505.6 million SHIB burned in the past 24 hours, with 459.3 million SHIB incinerated in a single transaction 20 hours ago. This pushed the burn rate higher by 27,735.7%.

Shibariumscan shows daily transactions jumped from 69,800 (March 12) to 1.46 million (March 13), alongside a surge in active and new accounts.

IntoTheBlock data shows Shiba Inu large transaction volume increased 64% while daily active addresses were up 1.1%.

Community News: Shiba Inu marketing lead Lucie announced Shib OS, a decentralized governance platform aimed at replacing outdated centralized models for governments and enterprises.

With strong on-chain activity, rising burn rates, and a bullish technical setup, all eyes are on SHIB for a potential breakout.

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