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06/05/2024

Shiba Inu metric surges 100% alongside SHIB rally

06/05/2024
4,3
  • On June 5, Shiba Inu (SHIB) experienced a notable 10% increase in its price, accompanied by a surge in activities from large-scale investors.
  • This upward trajectory can also be linked to the meme currency's mechanism for removing coins from circulation and the ongoing improvements in Shibarium.

SHIB Begins to Climb

On this day, June 5, the crypto market displayed remarkable growth, with Shiba Inu (SHIB) emerging as a standout performer. It recorded a 10% rise within 24 hours, with its value reaching roughly $0.00002612, according to figures from CoinGecko.

This resurgence is paralleled by an upswing in key metrics surrounding the Shiba Inu network. Data from IntoTheBlock indicates that SHIB’s consolidated daily transaction volume (with each transaction exceeding $100K) soared to nearly $135 million. This marks a significant 99% increase from the figures recorded on June 4.

The recent upturn has proven beneficial for investors. Currently, 65% of SHIB holders are enjoying profits, with whales holding 73% of the token's available supply.

This scenario presents a stark contrast to September of the previous year when about 90% of SHIB investors faced losses.

Potential Catalysts for the Surge

A key contributor to SHIB's recent surge could be its ongoing coin burn initiative and the progress made on its layer-2 scaling solution, Shibarium. The burning rate escalated dramatically by more than 10,000% on June 4, with around 370 million tokens being annihilated over the past month.

The strategic aim behind these burns is to decrease SHIB's available supply, thus enhancing its rarity. This mechanism has the potential to boost the value of the token over time, assuming demand either stays stable or increases.

In addition, Shibarium has achieved significant milestones, notably surpassing five million processed blocks by the end of May. Launched last summer, this platform seeks to advance the Shiba Inu ecosystem by minimizing transaction costs, elevating transaction speeds, and scaling the network.

Lastly, let's examine SHIB’s exchange netflow dynamics. Recent trends show a predominance of outflows over inflows, indicating a move towards non-custodial storage solutions by investors. This trend is generally viewed as positive, as it diminishes potential selling pressure in the near term.


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