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Shiba Inu's SHIB/USD prices have spiked over the past month as burn rates continue to rise and significant developments increase bullish sentiment in the community.

What Happened: Shiba Inu's burn rate has increased by 544.6% with around 5.2 million SHIB coins burned in the past 24 hours, according to Shibburn data. SHIB is up by 2% over the past 24 hours.

Trader Crypto Sheriff thinks the meme coin "will accelerate in these weeks" after he predicted a bullish performance for SHIB in “Uptober.”

#SHIB Update 🔥

As we expected, the chart touched the box and received a bullish reaction from there. Now the rise will accelerate in these weeks!🚀 https://t.co/HE5ADXdI82 pic.twitter.com/6UKFo6N1Lx — CRYPTO SHERIFF (@Gem_Sheriff) October 7, 2024

Popular trader Kevin pointed out Shiba Inu as a leader among meme coins at the moment, highlighting the formation of a rounding bottom with an inverse head and shoulders, a bullish chart pattern. He predicts that “if we break the previous high then we can see 65% to the upside.”

Why It Matters: IntoTheBlock data shows large transaction volume decreasing by 10% and daily active addresses rising by 8.2%. Transactions greater than $100,000 are up from 88 to 99 in a single day. Shibariumscan data shows daily transactions increased from 3,340 to 3,510 in a single day.

Shiba Inu is up 39% over the past 30 days, compared to Dogecoin's 18.2%. With high burn rates through the month and significant community developments, traders remain bullish on the meme coin in Q4.

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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