Shiba Inu, the popular meme coin, has seen a significant increase in its burn rate recently. In the past 24 hours alone, the burn rate skyrocketed by 450%, resulting in nearly 50 million tokens being sent to a null address. While the USD equivalent of this may seem insignificant, continuous efforts in reducing the circulating supply can have a positive impact on the price of SHIB. Data indicates that over 41% of the total supply of SHIB has already been destroyed, leading to scarcity which could potentially drive up the value of the coin.
In addition to the increased burn rate, whale activity in the Shiba Inu ecosystem has also been on the rise. According to IntoTheBlock, the aggregated daily volume of transactions exceeding $100,000 has reached nearly $900 million, marking an impressive 1,800% increase compared to figures from July 18. This surge in whale activity signals growing interest and investment in SHIB, which could further boost its price in the future.
Resurgence of Shibarium Metrics
Shibarium, the layer-2 scaling solution for Shiba Inu, has seen a revival in various metrics in recent days. Key indicators such as active accounts, new transactions, and verified contract growth have all shown positive trends. Launched less than a year ago, Shibarium aims to enhance the development of Shiba Inu by reducing transaction costs, improving speed, and increasing scalability.
The recent improvements in Shibarium metrics, combined with the increased burn rate and whale activity, paint a bullish picture for the future of SHIB. The resurgence of these key indicators may likely lead to a rally in SHIB’s price in the near future, as investors take note of the positive developments in the ecosystem.
Price Performance and Investor Sentiment
Despite experiencing a daily price correction of around 7%, Shiba Inu remains in the green on a weekly basis. Over the past year, SHIB’s price has surged by 125%, benefiting many investors who have seen handsome returns on their investments. Currently, 52% of SHIB holders are sitting on paper profits, while 46% are in the red, a significant improvement from statistics recorded in September 2023 when the majority of investors were underwater.
Analysts remain optimistic about the future price potential of Shiba Inu, with some predicting a triple-digit increase if the coin manages to surpass a critical resistance level. Earlier this year, Rekt Capital forecasted that SHIB could experience significant growth if it breaks past the $0.00002741 mark, which it briefly did at the end of May.
The recent trends in burn rate, whale activity, Shibarium metrics, and price performance all point towards a positive outlook for Shiba Inu. With continued momentum in these areas, SHIB could see further price appreciation and potentially reach new heights in the cryptocurrency market. Investors and enthusiasts alike will be closely watching to see how these developments unfold in the coming weeks and months.
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