‘Dogecoin Killer’ Shiba Inu Burn Rate Soars 3,674%: What Is Going On?

Shiba Inu (CRYPTO: SHIB) is up 2% in Wednesday trading and continues to burn tokens, fueling trader speculation about positive price action on the horizon.

What Happened: Data from Shibburn shows Shiba Inu’s burn rate increasing by 3,674%in the past 24 hours. 53 million SHIB were burned, including 28.8 million and 14.7 million SHIB in two separate transactions.

Trader World Of Charts foresees a strong 150-200% upward push for Shiba Inu if the token can sustain its breakout.