Why Shiba Inu Price Is Up Today?

In spite of the growing fear, uncertainty, and doubt within the cryptocurrency market, the Shiba Inu Price exhibited a notable resurgence at the beginning of August.

 

As the broader digital currency ecosystem returns to its default optimistic state, the meme coin niche seems to be interpreting this resurgence on a more personal level. Shiba Inu Price, the second-largest meme coin by market capitalization, has experienced an uncommon 9.89% increase, which is now fixed at $0.000009912 (₹0.0008213).

Shiba Inu Price Jump by 9%

The unexpected growth of SHIB is noteworthy due to its prolonged bearish trend throughout most of this year. This resurgence marks a departure from its consistently pessimistic sentiment. The growth is notably supported by various positive on-chain indicators, including the overnight trading volume of SHIB, which has surged by an impressive 52.37% to exceed $383.4 million (₹3,143 crore).

Shiba Inu Price Chart

Source: Trading View

The likely catalyst behind the Shiba Inu growth trend is quite understandable, as bullish investors comprehend the significance of the impending launch of its Layer 2 protocol, Shibarium. The mainnet introduction of Shibarium is scheduled to take place during the Blockchain Futurist Conference, slated for the upcoming weekend.

Shibarium is poised to usher in a new era for both Shiba Inu and all protocols within its ecosystem. With the introduction of decentralized applications (dApps) leading to enhanced usability, there is a forecasted surge in demand for Shiba Inu. This surge will subsequently bolster its significant influence within the meme coin ecosystem.

SHIB Burn Rate Surges by 57%

Despite the surge in Shiba Inu’s price, its burn rate hasn’t followed suit. This puzzle has investors wondering about the reasons. While Shiba Inu gained traction, its burn rate was expected to rise as well. However, recent data from the Shibburn explorer tells a different story.

Shiba Inu Burn Rate

Note: Shibburn Explorer

In the past 24 hours, SHIB burns increased by only 24%, removing 58,617,783 coins. This was achieved through 17 transactions, with most involving transferring slightly over eight million Shiba Inu tokens to inactive wallets.

This burn rate trend sparks discussions in the crypto community about its impact on the token’s value and utility. Some believe holders are cautious due to market volatility. Others think the factors behind the price surge don’t align with the burn rate, causing this disparity. Monitoring these dynamics will provide insights into digital assets.

Conclusion: Is the Growth of SHIB Here for the Long Term? 

Cryptocurrencies are often characterized by significant instability that is challenging to forecast. Although the current surge is promising, the likelihood of it diminishing in the near future is substantial.

Shiba Inu has significantly shifted its focus from being merely a speculative token following the revelation of its intentions to introduce Shibarium.

With the advancement of its ecosystem, it is currently emphasizing usability and significance as a means to propel the expansion of its token. By strongly committing to this objective, the core developers of the protocol are aspiring for the growth of SHIB and other tokens in the ecosystem to largely retain their accrued profits in the coming times.

To know more about the reason behind the Shiba Inu Price surge, go check out SunCrypto Academy.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. All content provided is for informational purposes only, and shall not be relied upon as financial/investment advice. Opinions shared, if any, are only shared for information and education purposes. Although the best efforts have been made to ensure all information is accurate and up to date, occasionally unintended errors or misprints may occur. We recommend you to please do your own research or consult an expert before making any investment decision. You may write to us at [email protected].

Leave a Comment

Related Posts

ERC-404 Token Standard

Thrive of ERC-404 Token Standard Explained

In the ever-evolving world of the Ethereum blockchain, new standards and protocols frequently emerge to

What is Validium

Revolutionary Validium in the Ethereum Ecosystem?

As the Ethereum ecosystem evolves, one of the most pressing challenges it faces is scalability.

FOMO in Crypto Trading

How to Fight FOMO in Crypto Trading?

FOMO – Fear Of Missing Out – is a daily opponent for all crypto traders,