As a seasoned crypto investor with over five years of experience under my belt, I must say that the recent surge in Shibarium-related metrics has piqued my interest. The explosive triple-digit increase in the burn rate and the resurgence of Shibarium itself are definitely bullish signals for SHIB.
TL;DR
- Shibarium-related metrics have headed north lately, while SHIB’s burn rate exploded by triple digits on a 24-hour scale.
- However, the recent shift from self-custody methods toward exchanges could be interpreted as a bearish factor for the meme coin’s price.
Good News for SHIB Bulls?
In the last month, the second-largest meme coin has shown impressive growth, rising by approximately 30%. Although it’s experiencing a minor dip today (October 21), several significant indicators point towards a potential continued rise in the near future.
One positive indicator for the bullish outlook is the revival of Shiba Inu‘s layer-2 scaling platform, Shibarium. The daily transactions on this network have significantly increased to around 324,000 and 242,000 over the past two days, figures not seen since April this year. Additionally, active accounts, new accounts, and other Shibarium-related metrics have recently experienced a dramatic surge.
The reemergence of the protocol indicates an uptick in user interaction and expanding usage within the system, which could be perceived as a positive signal by investors, potentially leading to a new influx of funds into the ecosystem.
Coming up next on our list: The incineration method used by Shiba Inu. It’s been revealed that the rate at which tokens are being burned has increased by an astonishing 400% in just 24 hours, leading to the destruction of 6.3 million SHIB tokens. The objective behind this program is to decrease the number of SHIB tokens in circulation, making it rarer and potentially more valuable if demand remains steady or grows.
As a researcher, I’m currently observing that over 583 trillion digital tokens are in circulation. Interestingly, about 410.7 trillion of these tokens have been transferred to addresses designated as ‘null’ throughout the years.
The third bullish element is the meme coin sector that has been at the forefront of gains lately. The leader, Dogecoin (DOGE), is up almost 30% weekly, while Bonk Inu (BONK) and Floki Inu (FLOKI) have also seen significant increases for that period.
It’s noteworthy that MEW (Cat in a Dogs World), today’s rock star in the crypto world, experienced a significant surge and reached an unprecedented high of around $0.01. This remarkable jump occurred shortly after South Korea’s largest cryptocurrency exchange, Upbit, began offering trading services for this asset.
It’s Not All Roses and Sunshine
Although the broader market is generally optimistic, there’s one factor that hints at a potential dip for Shiba Inu’s price. This factor is the SHIB exchange netflow, which, as per CryptoQuant, has been largely positive over the past few days.
It seems like the progress indicates an increasing trend among investors who are moving away from personal custody towards centralized systems. This shift potentially boosts the instant demand to sell.
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2024-10-21 20:42