An outstanding 5.72 trillion SHIB has been traded in 24 hours, highlighting the continued interest and activity in the Shiba Inu cryptocurrency market.
Shiba Inu (SHIB) Sees Significant Activity and Price Movements
In the last 24 hours, Shiba Inu (SHIB) has seen substantial trading activity, with a total of 5.72 trillion SHIB tokens exchanged, according to IntoTheBlock data.
This represents a sharp decline of 70.55% compared to previous days.
Interestingly, even with the drop in large transactions, SHIB’s price increased by 8%, reaching $0.000025.
Over the past week, the token has maintained 30% of its gains, indicating a rising interest from smaller investors.
This shift in market dynamics suggests that retail investors are increasingly influencing SHIB’s price movements.
Burn Rate Increases Significantly
Alongside price gains, SHIB’s burn rate has surged.
Recent data from Shibburn reveals that 14,750,296 SHIB tokens were burned in just one day, marking a 114% increase.
This process, which reduces the token supply, often aims to create scarcity and potentially enhance the token’s value.
In the past week, a total of 616,094,437 SHIB tokens have been burned, reflecting a remarkable 360.43% increase.
These efforts to decrease supply could support ongoing price growth if demand continues to rise.
Ecosystem Developments Spark Interest
Recent updates within the Shiba Inu ecosystem have garnered attention from both the community and investors.
The announcement of GetBlock as the official Remote Procedure Call (RPC) provider for Shiba Inu aims to bolster the Shibarium infrastructure, promising faster and more reliable network performance for users.
Additionally, the introduction of the Shibarium Token Asset Repository allows token owners on Ethereum Sepolia and Shibarium Puppynet to enhance their tokens with metadata and images, improving visibility.
These developments highlight the project’s commitment to expanding its ecosystem and enhancing its functionality.
While SHIB has seen notable gains, it’s uncertain if this upward trend will persist.
The reduction in whale transactions, increased retail interest, and ongoing ecosystem improvements will likely play a crucial role in determining the future direction of the token’s price.
For more Daily Crypto News and updates like this, join the newsletter or opt-in for push notifications.
Follow us on CoinMarketCap.
Also Read: Leading Analysts Now Suggest That Shiba Inu May Be Heading Towards A Massive Surge
About The Author
Leave your thoughts below
Read Daily Crypto News- https://franknez.com/daily-crypto-news/ for more news and updates like this