As a seasoned crypto investor with a keen interest in meme coins, I’ve seen my fair share of ups and downs in the market. However, Shiba Inu’s recent surge has left me quite intrigued. The impressive rise in transaction volume and price is not just random luck; it’s backed by tangible improvements within the Shiba Inu ecosystem.
TL;DR
- Shiba Inu experienced a significant increase in transaction volume and price, supported by improvements in its blockchain technology and increased token burns.
SHIB’s adoption as a payment method by CoinGate further enhances its utility and exposure in the cryptocurrency market.
This SHIB Indicator Took off
On May 14, the second largest meme coin by market capitalization, Shiba Inu, gained attention due to a significant surge in one key metric within its ecosystem.
As a crypto investor, I’ve noticed an impressive surge in the SHIB market based on recent data from IntoTheBlock. The daily aggregated volume of transactions exceeding $100,000 has soared to an astounding $223 million – marking a mind-boggling 2,300% increase compared to the previous day’s figure. Additionally, daily active addresses and transaction volume have also experienced growth, although not as dramatically as the large transactions.
The surge in the following metrics occurs concurrently with a strong SHIB price uptrend. This asset stands out as one of the top performers in the market currently, recording a 7% growth over the past 24 hours. However, some competitors within the meme coin sector have experienced even more substantial increases. For instance, PEPE has seen a rise of 23%, POPCAT has recorded a 27% gain, TRUMP has surged by 22%, and FLOKI has registered a 12% growth.
The Contributing Factors
Some of the elements that may have fueled the latest SHIB price resurgence include the surging burn rate and the further development of the layer-2 scaling solution Shibarium.
As a crypto investor, I’ve noticed that the team behind the meme coin I hold has destroyed over 200 million tokens within the last week. The burn rate is currently over 100% in the past 24 hours, leading to an additional 30 million tokens being sent to a null address. This mechanism is designed with the ultimate goal of decreasing the circulating supply of this coin, making it a scarcer and potentially more valuable asset in the future.
Shibarium underwent two significant upgrades from my perspective. The primary objective was to enhance user experience and facilitate compatibility with widely used wallets such as MetaMask, Coinbase Wallet, and Trust Wallet.
As a researcher, I’ve observed an intriguing development in the cryptocurrency world. SHIB, in particular, has been gaining significant attention lately. To add to this, according to my findings from CryptoPotato, a well-known news outlet, CoinGate – a reputable blockchain payment processor based in Lithuania – has announced its support for SHIB as a payment method.
The entity acts as a link connecting crypto and conventional finance, partnering with renowned businesses like Airbnb, Spotify, Nike, IKEA, Walmart, Uber, and numerous others.
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2024-05-14 23:47