As an experienced analyst, I have closely followed the cryptocurrency market and Shiba Inu’s (SHIB) development for quite some time. Based on the recent data presented in this article, I find myself intrigued by the contrasting trends within the Shiba Inu ecosystem.
TL;DR
- Shiba Inu’s burn rate surged over 12,000% in the past 24 hours, but the SHIB price is down 10% daily.
The layer-2 scaling solution Shibarium saw a sharp increase in activity, indicating growing interest and community support.
The Latest Spike
In the last 24 hours, the rate at which Shiba Inu tokens are being burned has experienced an astounding increase of more than 12,000%. The most significant transaction took place on June 17th when approximately 5.1 million assets were transferred to a recipient with a null address.
As a crypto investor in this meme coin, I’d explain that the burning mechanism is specifically engineered to decrease the coin’s circulation supply. This reduction, driven by scarcity, could potentially lead to an increase in price. However, I’ll admit that it’s quite intricate and involves both automated and manual burns. For those eager to dive deeper into this program, our comprehensive guide is available right here.
On June 18th, the price of Shiba Inu experienced a significant drop, falling by approximately 10% according to CoinGecko’s data. This decline coincided with a broader market downturn. During this time, Bitcoin (BTC) momentarily dipped below $65,000, while Ethereum (ETH) failed to hold the $3,500 support level.
It is worth noting that the burn rate increase might have been caused by investors moving to liquidate their positions during the ongoing market uncertainty and enhanced volatility. The same thing happened a week ago when SHIB’s price was sinking again. After all, a percentage of tokens is burned with each transaction.
Shibarium’s Brief Resurgence
The solution for Shiba Inu’s layer-2 scaling, named Shibarium, has recently gained significant attention. According to a report from CryptoPotato published on June 17th, there was a massive surge in new accounts on the network, with an over 860% increase. Additionally, new contracts saw a notable rise – going from only 7 to 34 within a 24-hour period.
This revival may signify increased curiosity towards the protocol and heightened engagement. It mirrors a burgeoning community that could foster a more robust ecosystem.
Shibarium, officially launched in August of the previous year, has since then made significant strides and reached numerous accomplishments. By the end of May, the number of blocks processed on this network had gone beyond the 5 million mark. Previously, the total transactions had surpassed the 400 million threshold.
The L2 blockchain solution for Shib aims to set Shib apart from its competitors in the meme coin market by minimizing transaction fees, increasing transaction speed, and boosting scalability. For further information, please check out the video we’ve provided below.
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2024-06-18 14:40