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'Dogecoin Killer' Shiba Inu's Burn Rate Surges 2,300%: Trader Predicts 'Moments Where It Flips Doge'

Khyathi Dalal
April 02, 2024

Veteran pseudonymous crypto trader Altcoin Sherpa views the Shiba Inu chart as "high-frequency trading" and advises traders to exercise patience.

What Happened: In a March 31 tweet thread on meme coins, Sherpa lists the pros and cons of trading the “Dogecoin Killer.” Although he does not expect “a 20xer” on this meme coin, he sees some pros:

Pros:

  • Like Dogecoin (CRYPTO: DOGE), it boasts huge liquidity.
  • The token has fundamental developments like Shibarium and burns.
  • It may “have some moments” flipping Dogecoin.

On the flip side, Altcoin Sherpa thinks the upside of Shiba Inu is capped.

Cons:

  • Not expected to achieve a 20x return at this point.
  • Likely to take a backseat to Doge overall in terms of Ethereum memes

He concludes that the technical chart still looks like "high trading frequency" but cautions traders to be patient.

Benzinga future of digital assets conference

Read Also: Shiba Inu Up 6% On 17,197% Burn Rate Explosion, But: ‘SHIB is Cheap,’ Claims Trader

Why It Matters: Based on Shib Burn data, Shiba Inu’s burn rate in the past 24 hours surged by 2,307%, with one single transaction burning 105.5 million SHIB tokens around eight hours ago.

Shibariumscan data highlights a marginal change in active accounts to 695 as of April 1, up from 630 on March 31. Data also indicates 411.7 million in total transactions.

IntoTheBlock data reports a 301.7% surge in large transaction volume in the past 24 hours to $171.7 million.

While the meme coin is trading 10% lower over the the past 24 hours, its monthly (19.3%) and yearly gains (136%) remain strong, allowing the token to shed a zero from its price. The future trajectory of the meme coin's price will likely depend on the strength of the cryptocurrency market.

What’s Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Trader Who Urged Everyone To Buy $1 Of Bitcoin In 2013 Now Advocates For ‘Dogecoin Killer’ Shiba Inu

Image: Pixabay

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