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Sonakshi Saxena
Dec 7, 2023
by Sonakshi Saxena

Shiba Inu (SHIB) Hits Milestone: Decoding the Significance

Shiba Inu hits milestone

Table of contents

  1. SHIB's Price Surge and Positive Metrics Drive Momentum
In recent times, the popular memecoin, Shiba Inu (SHIB), has witnessed a remarkable ascent with a 20% surge in the past week, according to CoinGecko's data. Several factors contribute to this rally, including a positive trend in the broader cryptocurrency sector. Bitcoin achieved a 19-month peak at $44,000, and Ethereum briefly surpassed $2,300.

Another catalyst for SHIB's rise is the ongoing development of Shibarium, a layer-2 blockchain solution introduced in August. Shibarium has achieved significant milestones, with total transactions surpassing 50 million, showcasing its potential to elevate Shiba Inu in the memecoin landscape by enhancing speed and reducing fees.

SHIB's Price Surge and Positive Metrics Drive Momentum

Over the last six months, SHIB's price has surged nearly 50%, and promising on-chain metrics hint at a potential further rally. CryptoQuant's data reveals that SHIB exchange netflows turned negative in the past week, indicating that outflows have surpassed inflows, relieving immediate selling pressure.

Additionally, the successful implementation of Shiba Inu's burning mechanism, with an 800% surge in the burn rate, and an astonishing 1,500,000% increase on December 5, could further boost SHIB's price. The burning program aims to reduce the circulating supply, making Shiba Inu more scarce and potentially more valuable over time, with over 41% of the token's total supply already sent to an inaccessible address.

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Shiba Inu hits milestone
Shiba Inu (SHIB) Hits Milestone: Decoding the Significance
Sonakshi Saxena
Sonakshi is into the crypto world ever since she heard about it and is pursuing her interest through Cryptoknowmics. She is a sensational poet, technical writer and content strategist.

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