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Shiba Inu's SHIB/USD rising burn rates has traders speculating that the meme coin is getting ready for an upcoming price rally.

What Happened: Shiba Inu's burn rate has skyrocketed by 14,575.02% since the last burn transaction of 277.6 million coins, according to Shibburn data. Amid the spike in burn rates, SHIB is up by 2.6% over the past 24 hours.

Crypto enthusiast ‘Chiara.sol’ has set new targets for Shiba Inu over the weekend, seeing that the meme coin has "broken out of a bullish channel and a potential rally is taking shape."

He sees key resistance levels of $0.0000186494, $0.0000196923 and $0.0000209399. If these zones are cleared, SHIB could push to $0.000027 (+49% from current levels) in the upcoming days or weeks.

#SHIB

Shiba Inu has just broken out of a bullish channel, and a potential rally is taking shape. 📈 The 60-minute chart shows a second accumulation phase forming a triangle pattern, supporting the case for a bullish move.

Key resistance levels to watch:

$0.0000186494… pic.twitter.com/mLoIt7chsH — Chiara.sol (@chiarapromos) October 12, 2024

Why It Matters: IntoTheBlock data shows large transaction volume decreasing by 55.9% and daily active addresses rising by 4.3%. Shiba Inu's concentration by large holders remains at 73%, implying high trader interest in the meme coin as a long term investment.

Heavily followed crypto influencer Ansem pointed out that, based on Etherscan data, Shiba Inu has 1.4 million holders compared to the top meme coins on Solana, which have only 100,000 holders.

Benzinga technical analysis shows an RSI of 42.9 for SHIB, indicating that the meme coin is in an uptrend or bull market. The 50-day Simple Moving Average and 100-day Simple Moving Average are about to converge, implying that a significant price move could be in the making.

What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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