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Tuesday, May 21, 2024

Massive Increase in Important Shiba Inu Metrics: SHIB Bull Run Imminent?

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TL;DR

  • Shiba Inu exhibits bullish trends with increases in ecosystem activity and a significant burn rate, aiming to enhance its scarcity and value.
  • The price of SHIB has seen a rise, reflecting a broader market upturn and indicating growing investor interest in the meme coin.

Shiba Inu’s Bullish Indicators

The second-largest meme coin by market capitalization has made waves as of late, thanks to the rise of some essential features and metrics related to its ecosystem.

Data shows that the number of total blocks on Shibarium (a layer-2 scaling solution designed to elevate SHIB above its rivals) has surpassed the 3.4 million mark. Wallet addresses currently stand at over 1.3 million, whereas total transactions are just south of the 400 million milestone.

Shiba Inu’s burn rate has also taken center stage, with a daily increase of a whopping 1,900%. This resulted in more than 100 million tokens removed from circulation.

The team behind Shiba Inu and Shibarium aims to simplify the rather complicated burning process (which employs manual and automated burns) and recently introduced “a transformative token mechanism” to automate the entire system.

Other SHIB metrics that have exploded in the past 24 hours include aggregated transaction volume (where each transaction exceeds $100,000) and daily active addresses. The former jumped by 120%, whereas the latter shot by more than 160%.

SHIB’s Price Goes up

Some of the aforementioned factors, such as the further advancement of Shibarium, have been touted as elements that could positively impact SHIB’s value. Additionally, the upswing of daily active addresses might signal growing demand for the asset and greater interest coming from investors.

The price of the meme coin has soared in the past 24 hours, spiking by 6% (per CoinGecko’s data). It is worth noting that the uptick coincides with a broader market revival, with Bitcoin (BTC) inching towards the $60K mark and Ethereum (ETH) pumping above $3,300.

SHIB is not the only meme coin to have headed north today. As CryptoPotato reported earlier today, the Solana-based dogwifhat (WIF) hit a new all-time high of almost $0.80, while Pepe Coin (PEPE) and Floki Inu (FLOKI) witnessed double-digit price increases.

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