Outside Source
TL;DR
- Shiba Inu (SHIB) saw a significant increase in trading volume and daily active addresses, aligning with an overall market upturn driven by Bitcoin reaching $65,000.
- Other important elements, such as Shibarium and the coin’s burn rate have also been on the rise.
SHIB Price Ready for a New Resurgence?
The second-largest meme coin in terms of market capitalization—Shiba Inu—is among the numerous cryptocurrencies that returned to green territory today (April 19). Recall that Bitcoin (BTC) touched the $65,000 mark after reports indicated that Iran would not react immediately to Israel’s missile attack.
The meme coin’s latest rally coincides with the rise of some metrics related to its ecosystem. According to IntoTheBlock, SHIB aggregated daily volume (where each transaction is greater than $100,000) exceeded $90 million (a 55% increase compared to the figure observed the day before). Daily active addresses have also headed north, albeit in a much more modest fashion.
SHIB’s price jump follows a broader revival of the meme coin realm. As CryptoPotato reported earlier today, the value of dogwifhat (WIF) soared by 15% after Coinbase said it will launch WIF perpetual contracts on April 25.
Other notable gainers among the meme coin cohort include MEW (18%), PEPE (8%), FLOKI (8%), BONK (7%), DOGE (6%), and more.
Additional SHIB Metrics on the Rise
Shibarium – Shiba Inu’s layer-2 blockchain solution – has also recently experienced a resurgence. Daily transactions have been hovering between 300,000 and 950,000 in the past week. In comparison, the figure struggled to cross the 15K level at the start of April.
Those willing to learn how Shibarium works and what its primary goal is, feel free to check our dedicated video below:
Shiba Inu’s burn rate has exploded, too. Earlier this week, it witnessed a rise of 500%, while today’s jump is approximately 80%. The program’s ultimate goal is to reduce the tremendous supply of SHIB tokens, making them scarcer and potentially more valuable in the future.
This article first appeared at CryptoPotato
