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.

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 1.51M 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.