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Cryptocurrency News Articles
Shiba Inu Rallies Amidst Burn Surge and Shibarium Growth
May 10, 2024 at 03:27 am
Shiba Inu (CRYPTO: SHIB) is experiencing a resurgence with a 397% surge in burn rate, while key Shibarium statistics show substantial growth. With a 0.69 correlation to Bitcoin, SHIB has witnessed a 65% spike in active accounts on Shibariumscan. Large transaction volumes have increased by 17%, indicating growing institutional interest. Shiba Inu continues to attract long-term holders, with 76% holding for over a year.
Shiba Inu Regains Momentum Amidst Surging Burn Rate and Positive Shibarium Metrics
New York, NY - May 9, 2023 - Shiba Inu (CRYPTO: SHIB), a popular meme coin, has recently experienced a resurgence in value, buoyed by an increasing burn rate and promising developments within its ecosystem, particularly the Shibarium layer-2 scaling solution.
Burn Rate Surge
Data from Shibburn, a platform tracking Shiba Inu burns, indicates a significant 397% increase in the burn rate over the past 24 hours. Notably, a single transaction incinerated over 24.2 million tokens, contributing to the overall surge.
Shibarium Statistics
Shibariumscan, a website monitoring Shibarium activity, reveals a notable 65% increase in active accounts on May 8, rising from 1,034 to 1,706. This surge followed the launch of the MarketVector Meme Coin Index, which included SHIB and other popular meme coins. Additionally, the number of new contracts on Shibarium increased from 3 to 26.
Bitcoin Correlation and Institutional Recognition
Lucie, the Advertising Lead of Shiba Inu, recently highlighted the correlation between SHIB and Bitcoin (CRYPTO: BTC), the leading cryptocurrency. With a correlation coefficient of 0.69, as per IntoTheBlock data, SHIB's price movements tend to follow Bitcoin's trajectory. Lucie emphasized the decentralized nature of Shiba Inu, akin to Bitcoin, and encouraged community support for its long-term success.
Large Transaction Volumes and Holder Concentration
IntoTheBlock data indicates a 17% rise in large transaction volumes, reaching $52.3 million. This suggests increased institutional interest in SHIB. Furthermore, approximately 76% of Shiba Inu holders have held their tokens for over a year, while 21% have held them for one to twelve months.
Upcoming Event
Benzinga's forthcoming Future of Digital Assets event on November 19 will delve into the growing influence of Bitcoin as an institutional asset class. The event will explore industry developments and the potential impact on cryptocurrencies like Shiba Inu.
Shiba Inu Market Movement
At the time of writing, SHIB is trading at $0.00002314, representing a 0.2% gain over the previous 24 hours. Its market capitalization currently stands at approximately $13.2 billion, making it one of the top cryptocurrencies by market value.
Conclusion
Shiba Inu's recent positive developments, including the surging burn rate, promising Shibarium metrics, and correlation with Bitcoin, indicate growing investor confidence in the meme coin. While its long-term trajectory remains uncertain, SHIB's current momentum and community support suggest a promising future.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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