Shiba Inu (SHIB), the popular meme-inspired cryptocurrency, has experienced a surge in key network metrics, hinting at a continued bullish run. This surge is linked to the development of important features within the growing Shiba Inu ecosystem.
One crucial metric is the rapid growth of Shibarium, a layer-2 scaling solution intended to enhance SHIB’s capabilities and competitive edge. The number of total blocks in Shibarium has exceeded 3.4 million, a significant milestone for the project.
Read Also: Leading On-Chain Metrics Platform Predicts $0.0001 Shiba Inu (SHIB) Price. Here’s the Timeline
Furthermore, the wallet addresses on the network boast over 1.3 million, with total transactions standing at 388.7 million. These figures showcase the project’s expanding user base and network activity.
Of particular interest is the dramatic increase in Shiba Inu’s burn rate, which skyrocketed by 30,187% in the past day. This increase removed over 3 million SHIB tokens from circulation.
The project’s developers are committed to streamlining the burn process, previously a complex mix of manual and automated mechanisms. A new transformative token mechanism promises to fully automate the SHIB burn system, further boosting the token’s deflationary appeal.
In addition to these metrics, SHIB has seen substantial growth in aggregated transaction volume (transactions over $100,000) and daily active addresses. These metrics have increased by 120% and 160%, respectively, within 24 hours.
The development of Shibarium, along with these encouraging metrics, could significantly bolster SHIB’s value. The increasing number of active addresses suggests heightened investor interest and demand for the asset.
Consequently, SHIB’s price has experienced a 5.40% increase over the last 24 hours, aligning with a broader market recovery that has seen Bitcoin surge above $60,000 and Ethereum rise above $3,300.
Read Also: Shiba Inu Whale Transactions Jump 25%, Fueling Bullish Sentiment for SHIB Price Growth
Other meme coins share Shiba Inu’s bullish momentum. Solana-based Dogwifhat (WIF) achieved a new all-time high of nearly $0.80, while Pepe Coin (PEPE) and Floki Inu (FLOKI) also registered impressive price gains.
It’s important to remember that cryptocurrency markets are highly volatile. While these positive indicators may fuel optimism around SHIB’s future, in-house and potential investors should always conduct thorough research and consider their risk tolerance before investing.
Follow us on Twitter, Facebook, Telegram, and Google News
With the crypto market poised for its next significant upswing, experts are highlighting digital assets…
Sui (SUI) registered a 79% price pump, while Cronos (CRO) saw a staggering 233% rise…
In a landmark legal action, 18 U.S. states have filed a lawsuit against the U.S.…
An emerging cryptocurrency priced under half a cent is capturing investor attention with its promise…
New wave of digital assets is capturing attention for their potential to reshape the market…
The cryptocurrency market has recently resurged, with key assets reaching impressive highs. Amid the market-wide…