These burn spikes have also coincided with bullish speculation, and right now this pattern is reaffirming itself. This burn level also indicates a community commitment to long-term valuation, which could lay a solid foundation for the next phase of the main meme coin entering the market.
According to Coinglass, Shiba Inu's open interest has also increased by more than 20%, reaching 295 million, along with the burn spike. This increase demonstrates rising speculative appetite and accumulation of long leveraged positions. An increase in open interest usually indicates bullish confidence from traders, often new participants, rather than selling trends.
This shift can drive new capital into SHIB derivatives. Moreover, the concurrence of large open interest with good fundamentals, such as a burn spike, helps strengthen the bullish outlook. Therefore, the data indicates that market participants are preparing for the possibility of a price continuation rather than a reversal.
On-chain metrics confirm the growing interest of users, according to analyses from IntoTheBlock. New addresses increased by 24.78% and active addresses by 23.43% over the past week. This indicates greater retail participation and increased activity on the network. Additionally, the nearly 29% rise in zero-balance addresses could reflect wallet consolidation or user reactivation. As Coingape recently reported, Shiba Inu's activity on social media also recorded substantial growth of 126%.
The relative increase in prices and addresses may indicate that there is underlying support for SHIB's price action. If the growth of addresses continues, it could demonstrate the sustainability of the rally and motivate the crypto community to join long-term.