Shiba

Shiba Inu

<p>Currently losing momentum, Shiba Inu, once in the spotlight, has fallen to the 15th place among cryptocurrencies in terms of market capitalization. But do not despair, SHIB fans, as promising signs could herald an imminent revival. Let’s break down the key elements that could once again propel Shiba Inu to the top.</p>
<h2 id="h-the-mystery-of-the-burn-how-shib-is-reinventing-itself">The mystery of the burn: How SHIB is reinventing itself</h2>
<p>Since the implementation of the <strong>burn mechanism</strong> in 2022, the Shiba Inu team has been striving to reduce the massive supply of SHIB in circulation. This process involves <strong>sending SHIB tokens to a null address</strong> with each transaction, thus making the remaining tokens rarer.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1">
 </div>
</div>
<p>Just in recent days, <strong>the burn rate has exploded with about 60 million tokens destroyed in 24 hours</strong>, a 500% increase compared to July 22.</p>
<div class="affiliate-button"><a class="affiliate-button__link" href="https://accounts.binance.com/en/register?ref=35547494" target="_blank" rel="noopener noreferrer nofollow">Buy cryptos with Binance</a> <a class="affiliate-button__disclaimer" href="https://www.cointribune.com/en/sponsored-content/" target="_blank" rel="noopener noreferrer nofollow">This link uses an affiliate program.</a>
</div>
<p><strong>More than 41% of the initial supply has already been burned</strong>, leaving about 583 trillion SHIB in circulation, according to <a href="https://www.shibburn.com/" target="_blank" rel="noopener noreferrer nofollow">Shibburn</a>.</p>
<p>This initiative aims to <strong>increase the value of the remaining tokens</strong>, provided the demand remains constant or increases.</p>
<p>According to current data, this mechanism could give the much-needed boost to SHIB’s value. However, its success depends on a delicate balance between supply and demand.</p> 
<div class="tradingview-widget-container tradingview--mini-chart">
 <div class="tradingview-widget-container__widget"></div>
 <div class="tradingview--mini-chart--dark">
  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:SHIBEUR","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"dark"}</script>
 </div>
 <div class="tradingview--mini-chart--light">
  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:SHIBEUR","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"light"}</script>
 </div>
 <div class="tradingview-widget-copyright"><a href="https://fr.tradingview.com/symbols/SHIBEUR/?exchange=BINANCE" rel="noopener noreferrer nofollow" target="_blank"><span class="text-primary-color">SHIBEUR chart</span></a> by TradingView
 </div>
</div> 
<h2 id="h-crypto-and-strategy-the-great-migration-of-shib">Crypto and Strategy: The Great Migration of SHIB</h2>
<p>Another positive sign for Shiba Inu is <strong>the exchange netflow</strong>. Over the past 30 days, SHIB outflows from centralized platforms have far exceeded inflows, indicating a shift toward self-custody methods.</p>
<p>This means <strong>less immediate selling pressure</strong>, which is generally good for SHIB’s price.</p>
<div class="affiliate-button"><a class="affiliate-button__link" href="https://bitvavo.com/fr/affiliate/coinmedia?a=_cta" target="_blank" rel="noopener noreferrer nofollow">€20 bonus for registering on Bitvavo</a> <a class="affiliate-button__disclaimer" href="https://www.cointribune.com/en/sponsored-content/" target="_blank" rel="noopener noreferrer nofollow">This link uses an affiliate program.</a>
</div>
<p>Recall that a similar movement last March led to <strong>a spectacular surge in Shiba Inu’s crypto valuation</strong>, with a three-digit increase in just a few weeks.</p>
<p>Meanwhile, <strong>open interest in SHIB derivative contracts reached over $30 million</strong> last week, a monthly record. This shows <strong>increased participation from traders</strong>, often a precursor to increased volatility and significant price movements.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="2">
 </div>
</div>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" width="1024" height="225" src="https://www.cointribune.com/app/uploads/2024/07/Open-Interest-Shiba-Inu-1024x225.png" alt="open-interst-shiba inu" class="wp-image-712031" srcset="https://www.cointribune.com/app/uploads/2024/07/Open-Interest-Shiba-Inu-1024x225.png 1024w, https://www.cointribune.com/app/uploads/2024/07/Open-Interest-Shiba-Inu-300x66.png 300w, https://www.cointribune.com/app/uploads/2024/07/Open-Interest-Shiba-Inu-768x169.png 768w, https://www.cointribune.com/app/uploads/2024/07/Open-Interest-Shiba-Inu.png 1196w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Aggregate open interest for Shiba Inu – Source: <a href="https://coinalyze.net/shiba-inu/open-interest/" target="_blank" rel="noopener noreferrer nofollow">Coinalyze</a>
  </figcaption>
 </figure>
</div>
<p>The <strong>progress of Shibarium</strong>, a layer-2 scalability solution on Ethereum, further adds to the optimism. Since <a href="https://www.cointribune.com/en/shiba-inu-shib-shibarium-est-finalement-operationnel-mais-2/" target="_blank" rel="noopener noreferrer nofollow">its launch</a>, it has processed <strong>more than 400 million transactions</strong> and produced <strong>more than 5.5 million blocks</strong>, strengthening the Shiba Inu ecosystem by improving transaction speeds and reducing costs. (Source: <a href="https://shibarium.shib.io" target="_blank" rel="noopener noreferrer nofollow">Shibarium.shib.io</a>)</p>
<p>Despite the current challenges, promising elements suggest that Shiba Inu might rebound. The burn mechanism, token movements away from centralized exchanges, and increased open interest are factors that could favor a bright future for SHIB. The <a href="https://www.cointribune.com/en/crypto-shiba-inu-envisions-imminent-etf-thanks-to-4-key-arguments/" target="_blank" rel="noopener noreferrer nofollow">speculations around a spot ETF</a> might also have an impact.</p>

Crypto: These Indicators Announce the Return of Shiba Inu

Table of Contents

Cointribune EN

Other articles published on Jul 23, 2024

The UAE Central Bank approves a framework for stablecoin regulation

Multipool Secures Strategic Investment from Industry Giant Kronos Research

Catalyze introduces Web3 community learning app

Swan Bitcoin delays IPO plan, announces shutdown of mining unit

Bitwise Has Big Plans for Ethereum Developers, Here's What They Are

Terra Announces Key Updates for Community on Crypto Loss Claims

Join our free newsletter for daily crypto updates!