TL;DR
- Shiba Inu (SHIB) saw a significant increase in trading volume and daily active addresses, aligning with an overall market upturn driven by Bitcoin reaching $65,000.
Other important elements, such as Shibarium and the coin’s burn rate have also been on the rise.
SHIB Price Ready for a New Resurgence?
The second-largest meme coin in terms of market capitalization—Shiba Inu—is among the numerous cryptocurrencies that returned to green territory today (April 19). Recall that Bitcoin (BTC) touched the $65,000 mark after reports indicated that Iran would not react immediately to Israel’s missile attack.
The surge in value for the meme coin has occurred simultaneously with improvements in certain aspects of its ecosystem. As reported by IntoTheBlock, the daily transactions worth over $100,000 for SHIB reached more than $90 million, marking a significant 55% increase compared to the day prior. The number of daily active addresses has also risen, but at a slower pace.
The price surge of SHIB is part of a larger resurgence in the meme coin market. According to CryptoPotato’s earlier report, the value of Dogecoin (WIF) increased by 15% following Coinbase’s announcement that they would begin offering WIF perpetual contracts on April 25.
Among the meme coins, some noteworthy coins experienced significant growth. MEW rose by 18%, PEPE went up by 8%, FLOKI gained 8%, BONK increased by 7%, and DOGE added 6%.
Additional SHIB Metrics on the Rise
Shibarium, the layer-2 blockchain solution by Shiba Inu, has seen a revival recently. The number of daily transactions has ranged from 300,000 to 950,000 over the past week. In contrast, it was a struggle for this number to surpass 15,000 at the beginning of April.
If you’re interested in understanding how Shibarium functions and what its main objective is, please watch the video we have prepared specifically for that purpose.
Shiba Inu’s burn rate has exploded, too. Earlier this week, it witnessed a rise of 500%, while today’s jump is approximately 80%. The program’s ultimate goal is to reduce the tremendous supply of SHIB tokens, making them scarcer and potentially more valuable in the future.
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2024-04-19 14:04