As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I find myself intrigued by the recent developments surrounding Shiba Inu (SHIB). The 4% surge in its price within the last 24 hours is undeniably captivating, especially considering the broader market’s relatively mild growth.
TL;DR
- Shiba Inu’s price is up 4% in 24 hours, possibly driven by key elements such as lower exchange reserves and increased token burns.
- Conversely, Shibarium’s transaction activity has dropped.
SHIB Flashes Green Again
According to CoinGecko’s latest report, it appears that many major cryptocurrencies are experiencing an upward trend today, October 9th. The majority of them have seen modest increases, but Shiba Inu (SHIB) stands out as one of the top gainers.
The price has risen approximately 4% over the past day and is currently hovering around $0.00001786. Additionally, the valuation has surged nearly 40% in the last 30 days due to the mini bull run that took place at the end of September.
The increase in Shiba Inu’s popularity coincides with a decrease in its exchange reserves, according to CryptoQuant. This downtrend over the past year suggests a significant move from centralized platforms towards self-custody methods. Interpreted positively, this trend could indicate reduced immediate selling pressure since it lessens the amount of Shiba Inu readily available for quick sale.
One more clue pointing towards Shiba Inu’s potential short-term rally is its unique burning mechanism. The burn rate has skyrocketed by over 400% in the last 24 hours, effectively sending nearly 3 million tokens to a non-existent address.
The amount of USD you might hold compared to the Shiba Inu stash may seem small, but persistent work in this area could lead to a decrease in the supply of Shiba Inu, potentially making it more precious (provided that demand remains steady or rises).
The Large Transactions indicator, which measures transactions exceeding $100,000 and is a momentum oscillator, is similarly climbing. It has experienced an increase of approximately 5.5% each day as per IntoTheBlock, indicating a positive or bullish trend.
Shibarium Struggles to Catch Pace
The advancement of Shiba Inu’s layer-2 blockchain platform, known as Shibarium, is being highlighted as a potential key driver for an increase in the value of the meme currency.
Although this protocol has successfully met its objectives over the past few months, it’s currently not performing as well as before. The number of daily transactions has remained consistently below 10,000 since October, contrasting significantly with the millions seen at the beginning of 2024.
The primary role of Shibarium is to nurture the growth of Shiba Inu by focusing on scalability, reducing transaction costs, and increasing speed. To stay informed about the ecosystem’s advancements, be sure to keep an eye on our latest Shibarium updates!
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2024-10-09 10:32