Shiba Inu Burns 12 Million SHIB In 24 Hours: What Is Going On?
Shiba Inu SHIB/USD is seeing significant community developments and rising burn rates, supporting the optimistic long-term outlook for the meme coin. CryptocurrencyPrice Market Cap24-Hour Trend7-Day TrendShiba Inu SHIB/USD $0.00001872$11.03 billion+3.7% -5.7% Dogecoin DOGE/USD $0.3329$49.2 billion+2.8% -4.5% Pepe PEPE/USD $0.00001303 $5.5 billion+6% -11.6% Trader Notes: Crypto trader InvestingHaven noted that SHIB is down less than 20% in January, outperforming many meme coins that have suffered deeper declines. The trader pointed to a bullish W-reversal pattern, with SHIB currently positioned between key Fibonacci support levels. The trader believes, "SHIB resilience now means strength when markets turn bullish." Why $SHIB Stands Out in 2025While meme coins crash, Shiba Inu remains strong.-Lost less than 20% in January-Forming a bullish W-reversal-Sitting between key Fibonacci levels#SHIB resilience now means strength when markets turn bullish. pic.twitter.com/WOGvxvgQKQ— InvestingHaven (@InvestingHaven) January 29, 2025 Statistics: Shibburn data shows the burn rate spiked 284.4% in past 24 hours as the ecosystem removed 12.5 million SHIB. Around 12 hours ago, 9.9 million SHIB was burned in one single transaction. CryptoDep revealed SHIB ranks third among meme tokens by engagement, trailing only TRUMP and DOGE. Shibariumscan data shows Daily transactions stand at 4.81 million, while new accounts surged from 196 to 448 in the past 24 hours. IntoTheBlock data shows large transaction volume declined by 18.5% in a single day, while daily active addresses grew 1.1%. Transactions greater than $100,000 dropped from 136 to 114 in a single day. Community News: Shiba Inu's lead developer, Shytoshi Kusama, teased an "extremely powerful partnership" in a post on X on Wednesday. He hinted that this could benefit all Shibarium projects, including SHIB, Bone, Leash and Treat. Additionally, Shiba Inu's marketing lead Lucie highlighted a new Astra Nova x SHIB partnership, focusing on AI-powered gaming. Read Next: Shiba Inu’s Shytoshi Kusama Teases ‘Extremely Powerful Partnership’ — Coin Themed On Him Rallies 25% Image: Shutterstock Market News and Data brought to you by Benzinga APIs© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.