Shiba Inu Burn Rate Soars 396%: Why Is SHIB Not Going Up?

Shiba Inu (CRYPTO: SHIB) is seeing another spikein its burn rate and whale holdings, hinting at potential upside for the meme coin.

Trader Notes: Polaris XBT highlighted Shiba Inu's year-long consolidation and resilience:

Crypto Monkey reported entering a small long at $0.00001180 SHIB, targeting $0.00001280.

Crypto Dot News noted the coin retested key support as whales accumulated heavily, with on-chain data showing whale holdings up 85% over 30 days alongside accelerating exchange outflows. This indicates smart money may be positioning for a rebound.

Statistics: Shibburn data shows burn rate increased 396.96% over the past 24 hours as 1.16 million SHIB were removed from the ecosystem.

Shibariumscan data shows daily transactions remain weak compared the the 4 million level a month ago.

Arkham Intelligence data highlighted one of the largest whale transactions for Shiba Inu: a major whale moved 161.3 billion SHIB ($1.97 million) off Coinbase into a fresh Ethereum wallet over two transactions on two different days.

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