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Important Shiba Inu metric explodes 2,300% as SHIB price rises: Details
TL;DR
- Shiba Inu has seen a significant increase in transaction volume and price, supported by improvements in its blockchain technology and increased token burn.
- CoinGate’s adoption of SHIB as a payment method further enhances its utility and exposure in the cryptocurrency market.
This SHIB indicator has taken off
The second largest meme coin in terms of total market capitalization – Shiba Inu – made headlines today (May 14) thanks to the increase in one of the main metrics related to its ecosystem.
According to IntoTheBlock data, SHIB’s aggregate daily volume, where each transaction exceeded $100,000, has reached up $223 million. This represents a staggering 2,300% increase over the figure seen the day before. Daily active addresses and transaction volume also moved north, although not as substantially.
The increase in the above parameters coincides with a rally in SHIB prices. The asset is among the best performers on the market today, recording an increase of 7% on a 24-hour scale. Some of its rivals in the meme coin niche, however, have seen even more significant gains. Such examples are PEPE (23%), POPCAT (27%), TRUMP (22%), FLOKI (12%) and others.
The contributing factors
Some of the elements that may have fueled the latest SHIB price recovery include the increase in burn rate and further development of the Shibarium layer-2 scaling solution.
The team behind the meme coin has destroyed over 200 million tokens in the last seven days. The rate is above 100% in the last 24 hours, resulting in an additional 30 million assets sent to a null address. The mechanism’s ultimate mission is to reduce the circulating supply of SHIB, making it more scarce and possibly more valuable over time.
For its part, Shibarium suffered two important updates. The goal was to improve the user experience and enable compatibility with popular wallets, including MetaMask, Coinbase Wallet, and Trust Wallet.
Last but not least, SHIB has recently become the subject of increased adoption. Like CryptoPotato reportedCoinGate, a blockchain payment processor based in Lithuania, has adopted it as a payment method.
The entity serves as a bridge between cryptocurrencies and traditional finance, partnering with popular companies such as Airbnb, Spotify, Nike, IKEA, Walmart, Uber, and many more.