Shiba Turns 5: Burn Rate Spikes to 5,800%
Shiba Inu just turned five, and the celebration comes with more than birthday candles. The meme coin is flashing bullish signals across on-chain data, burn metrics, and trading charts, suggesting a breakout may be close.
In Brief
- SHIB marks its 5th anniversary with bullish chart patterns and rising on-chain activity.
- Whale wallets double down while burn rate spikes over 5,800%.
- Retail interest grows as Shibarium maintains high daily transaction volume.
Bullish Signals
Popular crypto trader Vegeta says SHIB’s monthly chart “remains strong,” with a demand base holding steady for months. Joe Swanson, another chart analyst, notes a classic cup-and-handle formation supported by a double bottom and whale accumulation. He sees potential for a 70% price move from current levels.
Arkham Intelligence shows a wallet linked to Coinbase Prime doubled its SHIB stack in one day, now holding 193.4 billion SHIB ($2.37M). It’s unclear whether it’s an institution or a high-net-worth individual, but the move happened during a price lull, not a surge.
Meanwhile, Shibburn reports a 5,837.6% jump in burn rate, with 4.12 million SHIB removed in a day. Shibariumscan confirms over 4.5 million daily transactions, a sign of healthy utility on the Shibarium network.
Retail Interest Climbs
IntoTheBlock data shows daily active addresses rose 3.9%, while large transaction volumes fell 69.6%, suggesting retail activity is picking up even as whales hold steady.
SHIB’s marketing lead, Lucie, used the moment to reflect on the token’s journey. Launched on August 1, 2020, Shiba Inu has gone from meme to major, with all-time gains of over 21 million percent, peaking at a $41 billion market cap.
SHIB is now listed on over 115 exchanges, held by 1.51 million wallets, and has launched ShibaSwap (2021) and Shibarium (2023). Whether SHIB can repeat its explosive run remains uncertain, but the current data points to a market heating up.
Frequently Asked Questions (FAQ)
Shiba Inu Tokenomics and Utility
Q: What is the significance of the 5,800% spike in Shiba Inu's burn rate?
A: The massive increase in the burn rate means a significantly larger amount of SHIB tokens were permanently removed from circulation. This is a deflationary mechanism that can potentially increase the scarcity and value of the remaining tokens.
Q: What is Shibarium and why is its transaction volume important?
A: Shibarium is Shiba Inu's official layer-2 scaling solution. High daily transaction volume on Shibarium indicates active usage and utility for the network, which can positively impact SHIB's ecosystem and demand.
Q: What are the bullish signals mentioned in the article for Shiba Inu?
A: The article cites bullish chart patterns like a "cup-and-handle" formation and a double bottom, alongside whale accumulation and increased retail interest, as positive indicators for SHIB's price.
Q: How has Shiba Inu evolved since its launch?
A: Shiba Inu has grown from a meme coin to a significant player in the crypto space, launching its own decentralized exchange (ShibaSwap) and layer-2 solution (Shibarium), and achieving substantial all-time gains and market capitalization.
Crypto Market AI's Take
The recent surge in Shiba Inu's burn rate and continued activity on Shibarium highlight key aspects of the evolving meme coin landscape. At Crypto-Market.AI, we leverage advanced AI analytics to track such metrics, providing insights into tokenomics and network utility. Our AI-powered trading tools are designed to identify and capitalize on market trends, similar to the bullish signals observed in SHIB's recent performance. Understanding these on-chain metrics is crucial for informed trading decisions, and our platform offers comprehensive data and analysis to support investors in navigating the dynamic crypto market. Explore our AI-driven market analysis to stay ahead of the curve.
More to Read:
- Understanding Shiba Inu's Tokenomics
- The Future of Layer-2 Solutions in Crypto
- AI in Crypto Trading: A Comprehensive Guide
Source: Cointribune
