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Cryptocurrency News Articles
Shiba Inu Soars: Burn Rate Skyrockets, Shibarium Metrics Surge
May 10, 2024 at 02:46 am
Despite recent losses, Shiba Inu (SHIB) is making a comeback, driven by a 397% surge in burn rate and positive key statistics related to Shibarium. Lucie, Shiba Inu's marketing lead, has highlighted the similarities between SHIB and Bitcoin, noting their comparable price trajectories and the potential for growth through community support.
Shiba Inu Exhibits Positive Momentum Amidst Accelerated Burn Rate and Growth in Key Shibarium Metrics
Shiba Inu (SHIB), the popular meme-based cryptocurrency, has been making strides in recent times, showcasing an upswing in price amidst a significant increase in its burn rate and encouraging growth in the key statistics of its Shibarium ecosystem.
Surging Burn Rate
Data from Shibburn, a platform that monitors the destruction of SHIB tokens, reveals a remarkable surge in the burn rate over the past 24 hours. Approximately 24.2 million SHIB were incinerated in a single transaction, representing a staggering 397% increase compared to the previous period. This heightened burn activity contributes to the reduction of the token's circulating supply, potentially leading to upward price pressure.
Marketing Lead Highlights Price Correlation with Bitcoin
Lucie, the marketing lead for Shiba Inu, has drawn attention to the parallels between SHIB's price trajectory and that of Bitcoin (BTC), the leading cryptocurrency. Lucie observed that SHIB's price has been influenced by similar factors as BTC, which has recently experienced a surge in value. Data from IntoTheBlock, a blockchain analytics platform, indicates a price correlation of 0.69 between SHIB and BTC, albeit lower than the 0.95 correlation observed between Dogecoin (DOGE) and BTC.
Shibarium Ecosystem Expansion
The Shibarium ecosystem, a layer-2 solution that aims to enhance the functionality and scalability of SHIB transactions, has also witnessed significant growth. Shibariumscan data shows a substantial 65% increase in active accounts, rising to 1,706 on May 8th from 1,034 on May 7th. This surge coincides with the launch of the MarketVector Meme Coin Index, which includes SHIB as one of its constituents. Additionally, the number of new contracts on Shibarium has surged from three to 26.
Investor Sentiment and Price Action
Data from IntoTheBlock further suggests a 17% increase in large transaction volumes involving SHIB, amounting to approximately $52.3 million. This surge in large transactions indicates increased institutional interest and whale activity in the SHIB market. Furthermore, approximately 76% of SHIB holders have maintained their investments for more than a year, while 21% have held their tokens for between one and 12 months. This long-term holding pattern suggests strong investor confidence in the long-term prospects of SHIB.
At the time of writing, SHIB was trading at $0.00002314, reflecting a 0.2% increase on the day. This price movement aligns with the overall positive sentiment surrounding the project, fueled by the accelerated burn rate and growth in key Shibarium metrics.
Future Outlook
The influence of Bitcoin as an institutional asset class is expected to be a focal point of discussion at Benzinga's upcoming Future of Digital Assets event on November 19th. Given SHIB's price correlation with BTC and its growing institutional interest, it is likely that the future outlook for SHIB will be shaped, in part, by the performance and acceptance of Bitcoin within the broader financial landscape.
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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