TL;DR
- Shiba Inu (SHIB) has outperformed major cryptocurrencies with a 20% price increase over the past week.
Positive developments for the meme coin include a significant increase in its token burn rate and upgrades to Shibarium.
SHIB Might be Gearing up for a Bull Run
In the past week, the cryptocurrency market has seen a remarkable comeback. Notable coins like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Solana (SOL) have all experienced gains, with their prices showing improvement. Among these, Shiba Inu (SHIB), the popular meme coin, has seen particularly impressive growth, recording a 20% increase in just seven days.
Several analysts are voicing hopeful forecasts that the token may soon undergo another price surge. Some significant factors hint at this possibility as well.
Based on CryptoQuant’s report, SHIB exchange holdings have decreased to approximately 150 trillion tokens this week, which is the lowest amount recorded since February 2022.
Decreasing that measure implies there are fewer Shiba Inu tokens up for grabs on the market. This leads to increased scarcity, potentially causing the token’s value to climb if demand remains steady or increases over time.
CryptoQuant’s data also shows that SHIB exchange netflow has been predominantly negative in the past week. Shifting from centralized platforms to self-custody methods is considered bullish since it decreases the immediate selling pressure.
Additional Contributing Elements
The surge in Shiba Inu’s burn rate and the progress on their layer-2 blockchain solution, Shibarium, are signs that the asset’s price could rise in the near future. According to CryptoPotato’s report, the burning mechanism saw a remarkable increase of 500% this month, leading to the elimination of millions of tokens from circulation.
Shibarium, in response, underwent a significant enhancement. The network’s team unveiled an upgraded user interface (UI), touting it as “swifter, sleeker, and more inclusive than ever.” Additionally, the developers broadened its support for widely-used self-custody wallets like MetaMask, Coinbase Wallet, Trust Wallet, and others.
Last summer saw the launch of Shibarium, a new network designed to support the growth of Shiba Inu. Its key objectives include minimizing transaction fees, increasing transaction speed, and boosting scalability. For those interested in delving deeper into this network, we have prepared an informative video for you – take a look below.
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2024-04-24 13:33