As a seasoned crypto investor with years of experience under my belt, I have seen my fair share of market ups and downs. Shiba Inu (SHIB) is one meme coin that has consistently piqued my interest, given its unique potential and the community’s unwavering support.
TL;DR
- Shiba Inu saw a 450% increase in its burn rate and a significant rise in whale activity with daily transaction volumes nearing $900 million.
Despite the recent correction, SHIB’s price is up 125% over the past year, with 52% of holders in profit.
The Indicators’ Resurgence
In spite of undergoing a daily price adjustment of approximately 7%, Shiba Inu observed the recovery of significant indicators within its system.
The burn rate has experienced an astonishing 450% increase over the past 24 hours, leading to approximately 50 million tokens being transferred to a null address. This may not significantly impact the USD value, but persistent efforts in this area could potentially boost the price.
Approximately 41% of Shiba Inu’s entire token stock has been eliminated from circulation. This decrease in available tokens may lead to a scarcity situation, potentially boosting the value of this meme currency if demand remains constant or increases.
Shiba Inu has seen significant activity among its large investors lately. As reported by IntoTheBlock, the accumulated daily transaction volume exceeding $100,000 reached almost $900 million. This represents a massive surge of over 1,800% compared to the volume recorded on July 18th.
In recent days, there has been an uptick in several key performance indicators for Shibarium, such as the number of active accounts, new transactions, and expanding list of verified contracts.
As a crypto investor in Shiba Inu, I’m excited about the recent emergence of the layer-2 scaling solution, which has only been around for under a year. This innovative technology is designed to support Shiba Inu’s growth by decreasing transaction fees, accelerating speeds, and amplifying scalability. For the latest developments on this topic, be sure to visit our dedicated Shibarium news section.
Based on my extensive experience in the cryptocurrency market and having closely followed the price movements of Shiba Inu (SHIB), I am eagerly anticipating whether a rally will occur for this coin following the recent resurgence of bullish indicators. The market trends have shown that similar situations in the past have led to significant price increases, so it’s only natural for me to be intrigued by this possibility. Stay tuned for updates as I keep a close eye on SHIB’s price action.
The Success in the Last Year
Shiba Inu’s value may have dropped somewhat in recent times, but it still shows significant gains on a weekly chart. Moreover, the price has skyrocketed by an impressive 125% over the past year, bringing substantial returns to many investors.
At present, approximately half of the SHIB investors, or 52%, are enjoying profits on paper, while 46% are experiencing losses. This represents a significant improvement compared to the data from September 2023, during which nearly 90% of Shiba Inu holders found themselves in a negative position.
As a crypto investor, I’ve noticed some analysts expressing the belief that the price of this asset still has room to grow significantly. Back in the early part of the year, Rekt Capital, a well-known cryptocurrency analyst, forecasted an explosive price increase if the asset managed to breach the crucial resistance level of $0.00002741. Keep in mind that SHIB briefly touched this threshold at the end of May.
For more updates on the ecosystem, make sure to check out our Shibarium news.
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2024-07-19 09:53