Last Updated on January 19, 2023 by Bitfinsider
With a significant 20% price increase in the previous day, Shiba Inu has broken over its prior barriers. Despite the fact that SHIB’s price has been steadily rising since January, its most recent bounce was an unanticipated performance.
Following the rally’s success, the burn rate on the SHIB network increased to 613%. Since the market’s unexpected price surge, more than 70 million SHIB tokens have been destroyed, according to Shibburn, a website that tracks token burns.
SHIB whales and long-term retail addresses have been actively shifting money due to the market’s heightened activity. The network activity rose as a result of the increased whale activity, which could be the reason why so many SHIB tokens were burned.
SHIB was successfully propelled upward by the burning spree, and the token is still not exhibiting any signs of turning around. Another likely cause of the unanticipated price increase is the recent buzz surrounding the Shibarium update. On January 16, Shibarium Network announced the release of Shibarium Beta, their Ethereum layer-2 solution via Twitter.
Shibarium is an Ethereum-based layer-2 scaling solution created to support the Shiba Inu ecosystem. Shibarium’s creators claim that users would benefit from speedier transactions, lower costs, and better scalability. Shiba Inu’s price increased by 21% as a result of the Shibarium testnet’s announcement.
Along with SHIB, the price of BONE, the token that would fuel Shibarium transactions, increased over the previous weekend. The news of fresh listings caused the token’s price to increase.
The third factor driving the SHIB price increase might be the listings on a number of prestigious cryptocurrency exchanges, including Australia’s Cointree.
Shiba Inu and two more coins have recently been added to Cointree’s platform. A non-custodial cryptocurrency exchange called StealthEX that permits limitless swaps also revealed that it had listed SHIB on its system on January 16.
Shiba Inu was also listed on the platforms of OKCoinJapan, a Japanese cryptocurrency exchange, and Coin Pro, a cryptocurrency exchange in the Philippines.
SHIB Price Outlook: More Token Burn is Predicted
Technical indications point to potential breakthrough signals from SHIB’s 200-day moving average. Before the breakout, the meme currency had been consolidating for more than four days near the 200-day moving average.
It is typically an opportunity for token accumulation, which could account for the recent huge whale movements. A break-out from the 200-day moving average could indicate an increase in price.
There is a good likelihood that the network will experience more burning volume if the SHIB surge maintains its strength in the market.
During the weak market of 2022, SHIB suffered significant losses similar to other altcoins. But the meme coin has been making weekly advances since the start of January. Coinmarketcap records show that SHIB’s price has increased by more than 28% over the previous 14 days. The token’s price has increased 17% during the past 24 hours to $0.00001239.
Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.