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Self-proclaimed Dogecoin DOGE/USD killer', Shiba Inu SHIB/USD , rose by 6% over the past day. This gain notably outshined its meme cryptocurrency rivals, including Dogecoin and Pepe PEPE/USD .

What Happened: Cryptocurrency analyst AlanSantana shared insights on Shiba Inus trajectory, suggesting a potential pattern in its price movement.

It will be a standard correction Just as it happened after the peak in August, Shiba Inu retraced for about 2 months. We have a lower high in December which can lead to another correction, maybe 3-9 weeks in duration."

The analyst added, " June August = Bullish Wave. August October = Bearish Wave. October December = Bullish Wave. December February = Bearish Wave. Then we are likely to experience sustained long-term growth but retraces, shakeouts, price swings and corrections will continue to show up."

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: Shibarium, Shiba Inus Layer-2 scaling solution, has recently experienced a swell in transaction activity on its network, culminating in a colossal burning of 8.2 billion SHIB tokens last week. The official Shiba Inu burn tracker has reported a 61% surge in daily token burns.

The practice of token burning, however, sparks contentious discussions within the Shiba Inu community on social platforms.

Price Action: At the time of writing, SHIB was trading at $0.0000099, up 8% in the last 24 hours according to Benzinga Pro.

Photo by Dennis Diatel on Shutterstock

Read Next: Heres How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?Loading… Loading…

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