Ravikash Gupta

🚨 Key Shiba Inu Metric Skyrockets by 2,000%: SHIB Rally Incoming?.

Daily transactions on Shibarium have skyrocketed by nearly 2,000%, indicating a renewed interest in Shiba Inu (SHIB) that could potentially push its price upward. The surge in activity on this layer-2 scaling solution suggests that the Shiba Inu ecosystem is gaining momentum, especially after a period of low transaction volumes.

In addition to this impressive uptick, a massive token burn has recently taken place, with over 500 million SHIB tokens being destroyed in just 24 hours. This represents a remarkable spike of 27,700% in the burn rate. Such initiatives aim to decrease the circulating supply of SHIB, potentially enhancing its value as demand increases.

Another factor contributing to a potential price pump is the trend in exchange netflows. Recent data shows a predominantly negative flow, hinting that more investors are moving their SHIB to self-custody, consequently reducing immediate selling pressure.

However, it’s important to note that many investors are currently experiencing losses, as over 62% of SHIB holders are underwater. This scenario, although concerning, is an improvement from the near 90% underwater status seen in September 2023.

With Shibarium making strides in development and a growing community engagement through destruction of tokens, Shiba Inu's prospects for a price rally may be more promising than they were previously.

Investors should keep an eye on the developments surrounding Shibarium and the broader Shiba Inu ecosystem as these factors could play a significant role in future price movements.

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⚠️ Disclaimer: This analysis is for informational purposes only and should not be considered financial or investment advice.