SHIB Surges as Burn Rate Soars and New Features Loom
Shiba Inu (SHIB) has broken out of its weeks-long downtrend, soaring 10% to $0.00001485 on March 26. Its market cap now stands at $8.6 billion, making it the 19th largest crypto asset, surpassing Sui (SUI) and Hedera (HBAR).
Three key factors are fueling SHIB’s rise. First, the Shiba Inu team is set to launch Shib Finance, a DeFi upgrade. This platform will offer financial tools like reputation-based lending and undercollateralized borrowing. It aims to blend conventional and decentralized finance with features like Karma Engine and a privacy-focused identity layer.
Second, SHIB is now listed on BingX futures, allowing over 10 million users to trade the memecoin with leverage. Third, its burn rate has skyrocketed. On March 23, the daily burn rate jumped by nearly 8,100%, burning over 1 billion SHIB tokens. As launch, the network has burned over 410.74 trillion tokens, leaving a circulating supply of around 589 trillion.
On-chain metrics show growing bullish sentiment. Daily active addresses have risen over 20% as March 18.Social interest has also turned positive, partly due to U.S. President Donald Trump’s Truth Social post about the TRUMP memecoin.
Technically, SHIB has broken out of a falling wedge pattern, signaling a potential trend reversal. Short-term, it could see a 20% move after completing an inverse head-and-shoulders pattern. The price has moved above the 25 and 50-day moving averages, with the 75-day EMA at $0.00001575 as the next target.
The Money Flow Index is rising,indicating strong buying pressure. Derivatives data also supports the bullish momentum, with open interest climbing over 26% to $160 million. SHIB’s next potential target is $0.00002485, a 65.7% increase from the current price.
