SHIB Price Increase: A Result of Burn Rate and Shibarium Blockchain
The price of Shiba Inu (SHIB) has seen a significant increase recently, potentially due to two key factors. First, the burn rate of SHIB tokens has skyrocketed, reducing the circulating supply by over 41%. Second, the launch and activity of the Shibarium layer-2 blockchain solution have contributed to SHIB’s price surge.
SHIB Burn Rate Goes Through the Roof
Shiba Inu’s burning mechanism has been successful in reducing the circulating supply of SHIB tokens. The burn rate has increased by over 160,000% in the last 24 hours, resulting in billions of tokens being sent to an inaccessible address. This aims to make SHIB more scarce and valuable over time.
Shibarium Blockchain Impact
The Shibarium layer-2 blockchain solution has also played a role in SHIB’s price increase. The network has recorded millions of daily transactions since its launch in August, with total transactions surpassing 160 million. This demonstrates the growing adoption and usage of Shibarium.
Positive Market Sentiment
Around 40% of SHIB investors are currently seeing profits, marking a significant improvement from a few months ago when the majority were at a loss. Furthermore, there is a trend of moving SHIB tokens from exchanges to self-custody wallets, indicating a potential for further price increases.
Is SHIB Poised for a Further Rally?
The recent revival of Shiba Inu has positively impacted investors, with many now holding paper profits. Additionally, there has been a significant outflow of SHIB tokens from exchanges to self-custody methods, suggesting a bullish sentiment and potential price growth in the short term.
Hot Take: SHIB’s Burn Rate and Shibarium Fuel Price Surge
The recent price increase of Shiba Inu (SHIB) can be attributed to two key factors. The burn rate of SHIB tokens has significantly reduced the circulating supply, making them scarcer and potentially more valuable. Additionally, the Shibarium layer-2 blockchain solution has witnessed a high volume of daily transactions, demonstrating its growing adoption. These positive developments have led to profits for many SHIB investors and a trend of moving tokens to self-custody wallets. As a result, SHIB may be poised for further price increases in the near future.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.