This Shiba Inu Metric Soars Nearly 15%: Could the SHIB Price Follow?
TL;DR
Shiba Inu’s daily active addresses have seen a substantial increase, signaling growing interest and a potential price rally.
Other developments, such as the burning mechanism and Shibarium’s progress, might also positively affect SHIB’s value.
While Shiba Inu’s price has underperformed as of late, some essential indicators related to the second-largest meme coin by market capitalization have been on a substantial rise.
According to IntoTheBlock data, SHIB daily active addresses have surged above 3,500, representing a 13% increase. The upswing might suggest growing demand for the asset and greater interest coming from investors.
The trend could positively impact the price of Shiba Inu should supply remain the same or not increase at the same pace.
It is important to note that the team behind the meme coin has adopted a burning mechanism that aims to reduce the coin’s circulating supply.
Data shows that over 410 trillion SHIB tokens (approximately 41% of the maximum total supply) have been destroyed. As CryptoPotato reported last week, the burn rate exploded by over 8,500%, resulting in approximately 86 million tokens being removed from circulation in a single day.
The program is rather complicated and includes manual and automated burns. The team aims to simplify the process and introduced “a transformative token burning mechanism” to automate the entire system.
Another factor that might positively impact the SHIB price is the further development of the layer-2 blockchain solution – Shibarium. The latter saw the light of day in the summer of 2023 and aims to elevate Shiba Inu above its rivals by improving speed and lowering fees.
Most recently, the feature blasted through another milestone, with total transactions surging above the 360 million mark, whereas wallet addresses are inching toward the 1.5 million level.
Those curious to learn more about Shibarium’s purposes and specifics, feel free to take a look at our dedicated video below:
The post This Shiba Inu Metric Soars Nearly 15%: Could the SHIB Price Follow? appeared first on CryptoPotato.
Filed under: Bitcoin - @ February 26, 2024 10:45 pm