Shibarium’s activity spiked by 40% on February 16, leading to the removal of another zero from the SHIB price. This surge was driven by a sudden increase in new BONE transfers. As a result, the SHIB token currently holds the 17th position in terms of market cap.
In a big development for the Shiba Inu community, Shibarium saw a 40% surge in activity on February 16. This increase pushed the price of the beloved meme coin, Shiba Inu, to $0.00001.
Shibarium Activity Boosts Shiba Inu’s Price Surge
According to Shibariumscan, new BONE transfers on Shibarium surged from 415 on February 13 to over 47,714 on February 15. This uptick in activity propelled the meme token, Shiba Inu, comfortably above the $0.0000098 level, as reported by CoinMarketCap on Monday.
In January, the cryptocurrency market experienced heightened volatility, with many assets facing challenges. However, in recent days, the situation has reversed, bringing significant benefits to the meme token.
Mid-February witnessed a remarkable 40% increase in Shibarium network activity for Shiba Inu. This surge contributed to the ongoing SHIB rally, resulting in the removal of another zero from its price. The notable growth is primarily attributed to the rise in new BONE transactions on the network.
Thanks to this substantial growth, the SHIB token now holds the 17th spot in terms of market capitalization, boasting a current market cap of $5.77 billion.
Factors Behind BONE and Shiba Inu’s Behavior
BONE’s Performance: Early February witnessed a 20% surge in BONE’s value, accompanied by an accumulation phase. However, market observers have since been puzzled by the token’s behavior, along with Shiba Inu’s network activity.
New Initiative Announcement: Notably, this surge coincides with the unveiling of a new initiative by the Shiba Inu team. They announced plans to burn SHIB tokens using a portion of SHEBoshi revenues, a move aimed at enhancing the value of the cryptocurrency. The team also introduced SHEBoshi NFTs on Valentine’s Day to complement existing Shiboshi NFTs.
Market Sentiment Impact: The recent surge can also be attributed to prevailing market sentiment, particularly Bitcoin’s recent milestone. Bitcoin surpassed the $52,000 mark, achieving a two-year high, which has had a positive ripple effect on several altcoins, including SHIB. This surge helped the crypto market reclaim a $1 trillion market cap.
Anticipation for Altcoin Dominance: With anticipation for increased altcoin dominance, especially leading up to the upcoming Bitcoin Halving event, tokens like SHIB are expected to experience further upward momentum. Investors are eagerly awaiting the potential impact of these events on SHIB’s trajectory.
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.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
