Shiba Inu Burn Rate Soars 508%: What Is Going On?

Shiba Inu (CRYPTO: SHIB) has seen its burn rate skyrocket over the last day, helping shift momentum from a downtrend into an uptrend. Traders suggest the meme coin could now be entering a rally phase after weeks of consolidation.

Cryptocurrency	Ticker	Price	Market Cap	7-Day Trend
Shiba Inu	(CRYPTO: SHIB)	$0.00001247	$7.3 billion	+0.9%
Dogecoin	(CRYPTO: DOGE)	$0.2197	$33.1 billion	+2.2%
Pepe	(CRYPTO: PEPE)	$0.00001011	$4.3 billion	-2.8%

Trader Notes: Crypto trader Kamran Ashgar questioned if SHIB’s lengthy consolidation is finally over, hinting at potential for a “massive expansion” ahead.

$SHIB‘s consolidation phase is over.? The chart is now poised for a massive expansion. pic.twitter.com/CGGGXXwxAe

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