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Shiba Inu's SHIB/USD sudden spike in prices thanks to positive macro data has traders hoping for more upside in Q4.

What Happened: Shiba Inu is up 10% to $0.0000175 on Friday, outperforming its rival DOGE, which is up 5%. The meme coin has gained over 30% over the past 30 days, beating Dogecoin’s 11% return.

SHIB is also seeing renewed burn transactions, with 4.5 million SHIB burned in the past 24 hours, according to Shibburn data.

Crypto trader Javon Marks predicts Shiba Inu's next move to be a massive 351% spike to his larger target of $0.000081, noting the token’s strength.

$SHIB (Shiba Inu)'s price is starting to return with strength here while continuing to hold broken out of a recently set falling wedge pattern!

Next level can be coming in and it could lead into a massive, >351% move to our larger $0.000081 target… https://t.co/IHj6syyorW pic.twitter.com/ohxvKH5h4G — JAVON⚡️MARKS (@JavonTM1) October 4, 2024

IntoTheBlock data shows large transaction volume decreasing by 53.4% and daily active addresses rose by 3.3%. Transactions greater than $100,000 are down from 220 to 129 in a single day. With a rise in prices, Shiba Inu holders in profit increased to 53%, up from 45% the week before.

The official page of Shiba Inu tweeted a curious post which read, "When SHIB hits a new high, I'm going to _______," sparking community engagement.

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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