Shiba Inu’s On-Chain Metrics Surge, Boosting SHIB Token Transactions
Shiba Inu, one of the most popular meme coins, has experienced a significant increase in on-chain metrics on Shibarium, an L2 platform built on Ethereum for the Shiba Inu ecosystem.
Massive Surge in Daily Transactions
Data from Shibariumscan reveals that the number of daily transactions for Shiba Inu has skyrocketed by nearly 300% in just a few days. The count rose from around 530K on February 9th to approximately 1.9M on February 12th.
Potential Impact on SHIB Price
While there isn’t a direct correlation between transaction volume and SHIB’s price, the increase in transactions may lead to more SHIB tokens being transacted. This is crucial because the Shiba Inu team has implemented a burning mechanism to reduce the circulating supply, potentially increasing the value of the remaining tokens. As supply decreases and demand remains steady or rises, the price of SHIB could rise as well.
Rise in SHIB Token Burn Rate
Data from Shibburn shows that the burn rate of SHIB tokens has increased by 70% in the past 24 hours. This further supports the potential impact of decreased supply on SHIB’s price.
Possible Factors Behind Price Increase
The price of Shiba Inu has risen by 8.3% in the last seven days. While increased on-chain activity may have contributed to this growth, it is also likely influenced by overall market trends.
The Future of SHIB
It remains to be seen if SHIB will continue its upward trajectory in the future. Meme coins like Shiba Inu are known for their volatility, and with 2024 promising excitement, the journey ahead for SHIB is expected to be wild.
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