SHIB’s price has risen approximately 5% in the past day, accompanied by a notable uptick in trading volume and daily active addresses for Shiba Inu (SHIB).
This surge coincides with a broader market upswing fueled by Bitcoin’s ascent to $65,000. Additionally, key factors like Shibarium and the coin’s burn rate have also experienced increases.
Shiba Inu Leads Meme Coin Revival as Market Returns to Green
Today, April 19th, witnessed a resurgence in numerous cryptocurrencies, including Shiba Inu, the second-largest meme coin by market capitalization. This upturn follows Bitcoin’s climb to $65,000, spurred by reports indicating Iran’s delayed response to Israel’s missile attack.
Shiba Inu’s latest rally aligns with positive developments in its ecosystem metrics. According to IntoTheBlock, SHIB’s aggregated daily volume, transactions exceeding $100,000, surpassed $90 million, marking a 55% increase compared to the previous day. Daily active addresses have also experienced an upward trend, albeit more modestly.
The surge in SHIB’s price mirrors a broader revival across the meme coin sector. Notably, the value of dogwifhat (WIF) surged by 15% after Coinbase announced the launch of WIF perpetual contracts on April 25th. Other standout performers among meme coins include MEW (18%), PEPE (8%), FLOKI (8%), BONK (7%), and DOGE (6%), among others.
Shibarium Resurgence: Enhancing Shiba Inu’s Blockchain Solution
Shibarium, Shiba Inu’s layer-2 blockchain solution, has recently seen a significant resurgence. Over the past week, daily transactions on Shibarium have ranged from 300,000 to 950,000. This marks a substantial increase compared to the early days of April when transaction volumes struggled to surpass the 15,000 mark.
Additionally, Shiba Inu’s burn rate has experienced a notable surge. Earlier this week, the burn rate surged by 500%, while today’s increase stands at approximately 80%. The primary objective of this burn program is to decrease the vast supply of SHIB tokens, aiming to create scarcity and potentially increase their value over time.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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