Shiba Inu SHIB/USD marked its fifth anniversary with renewed bullish sentiment, as on-chain activity and burn data point to a potential breakout.
Trader Notes: Crypto trader Vegeta says Shiba Inu’s monthly chart structure remains strong, with demand consistently holding for months. He says the base is solid and a major move is likely imminent.
Trader Joe Swanson sees a classic cup-and-handle pattern forming on the charts, reinforced by a double bottom and whale accumulation.
He anticipates a 70% price move from current levels, suggesting the current pullback could be the “handle” before liftoff.
Statistics: Arkham data shows an anonymous wallet linked to Coinbase Prime doubling its SHIB holdings in one day, now holding 193.4 billion SHIB, worth around $2.37 million.
It remains unknown if this is an institution or big private holder.
The move comes on the heels of a softer price and not after or during the breakout.
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Shibburn data shows burn rate has surged 5,837.6% as 4.12 million SHIB was removed from ecosystem.
Shibariumscan confirms daily transaction volume consistently above 4.5 million, highlighting ongoing utility on Shibarium.
IntoTheBlock data shows a 3.9% increase in daily active addresses, though large transaction volumes dipped 69.6%, indicating retail interest is picking up even as whales consolidate.
Community News: Shiba Inu’s marketing lead, Lucie shared that it is Shiba Inu’s 5th birthday and reminded that SHIB was launched on August 1, 2020.
Since then, it’s gone from a micro-cap meme token to a major altcoin with all-time gains of 21,600,000%, rising from its all-time low of $0.00000004 in March 2021 to an all-time high of $0.0000885 in October 2021.
It has witnessed a peak market cap of around $41 billion and saw daily trading volumes hit $30 billion.
The meme coin now listed on around 115 exchanges and held by over 1.51 million wallets, has marked key milestones including the launch of ShibaSwap in July 2021 and the Shibarium mainnet in August 2023.
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