Shiba Inu Burn Rate Spikes 1,273% In 24 Hours: What Is Going On?

Despite Shiba Inu's SHIB/USD volatile price movements, investors remain confident in light of token burns and an increasing number of wallet addresses.

Trader Notes: Crypto trader StrongHedge emphasizes that quarterly charts help filter out lower time frame noise. He marks two critical levels for SHIB: Reclaim $0.0000212 (Year Open) and quarterly close above $0.0000334.

Statistics: Shibburn data shows 14 million SHIB was burned in the past 24 hours, pushing the burn rate higher by 1,273%. This has pushed the total coins burned over the past week to 93.6 million SHIB.

IntoTheBlock data shows Shiba Inu's large transaction volume and daily active addresses spiked by 137% and 18.9% respectively in a single day. However, transactions greater than $100,000 narrowed from 61 to 44.  

TheCryptoBasic data shows that alongside Shiba Inu's 53.7% price surge, addresses holding at least $1 million in SHIB rose from 589 to 947 in a year.

It also highlighted that SHIB had 3.8 million addresses exactly one year ago after adding 600,000 addresses in 2023. In the past year, it added 840,000 addresses taking its total to 4.64 million addresses as of Feb. 19, 2025.

Onchain Lens identified four wallets linked to a single entity that deposited 2.119 trillion SHIB ($32.55 million) into Coinbase—realizing $1.63 million in profit. These wallets hoarded SHIB from Sept 17, 2021, to July 19, 2024, for $30.91 million.

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