Shiba Inu 5th Anniversary Drives 5,837.6% Surge in Token Burn Rate

Shiba Inu (SHIB) is experiencing a surge in token burn activity as it marks its fifth anniversary in the crypto market. In the last 24 hours, the burn rate increased by 5,837.6%, with over 4.12 million SHIB tokens removed from circulation. This significant reduction in supply is seen as a bullish indicator, as it aligns with strategies commonly associated with value appreciation in the cryptocurrency space [1].

Whale activity has also intensified, with a wallet linked to Coinbase Prime doubling its SHIB holdings in a single day, now controlling 193.4 billion SHIB valued at approximately $2.37 million. Analysts note that this accumulation occurred during a period of price consolidation, which suggests strategic positioning by major investors rather than speculative buying during a price spike [1].

Retail participation is also on the rise, according to on-chain data. Daily active addresses increased by 3.9%, while large transaction volumes declined by 69.6%. This shift indicates growing involvement from smaller investors, which could signal a more balanced and sustainable market dynamic. The Shibarium network is also seeing robust usage, with over 4.5 million daily transactions, highlighting the platform’s expanding utility [1].

Technical analysts have also pointed to favorable chart patterns. Popular trader Vegeta emphasized the strength of SHIB’s monthly chart and a stable demand base, while Joe Swanson identified a classic cup-and-handle formation supported by a double bottom and whale accumulation. Swanson estimates the potential for a 70% price increase from current levels, although such projections remain speculative and are subject to broader market conditions [1].

Launched on August 1, 2020, SHIB has evolved from a meme-based token to a major player in the crypto market. It has achieved all-time gains of over 21 million percent and reached a peak market capitalization of $41 billion. With the launch of ShibaSwap in 2021 and Shibarium in 2023, SHIB is now listed on over 115 exchanges and held in 1.51 million wallets [1].

The total amount of SHIB burned since its launch now stands at 410.75 trillion tokens, with a current circulating supply of 584.6 trillion. These figures reflect the project’s long-term commitment to reducing supply and maintaining value, a strategy that could drive renewed interest and price action in the coming months [2].

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[1] Shiba Turns 5: Burn Rate Spikes to 5,800% https://www.cointribune.com/en/shiba-inu-5th-anniversary-bullish-breakout/

[2] Shiba Inu Turns 5: SHIB Burn Rate Up 5800%, Rebound ... https://www.coingabbar.com/en/crypto-currency-news/shiba-inu-5-birthday-shib-burn-rate-increase-5800?srsltid=AfmBOoqIVHqQVCDbuiGeqYfhokwn5ZvKFbHxR84bSupZo2YjU2GWuIXx