Shiba Inu Rises 3% In Last 24 Hours, Can SHIB Flip Solana Again?

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• The trading of Shiba Inu and Dogecoin, driven by male investors, rose in number on the exchange.
• SHIB’s anonymous developer Ryoshi quit the crypto world as well, as he announced his farewell on Medium.
• Gains fell in the kitties of BTC and ETH along with hitting Tether, USD Coin, and Binance USD among others.
• Thursday’s spike in price sent shiba inu to its strongest point since December 18, prior to the holiday season consolidation.
• Shiba Inu developer Ryoshi quit the crypto world two weeks back, but that hasn’t put the spanner in the development of SHIB.

Despite this sign of bullish sentiment, the next visible ceiling is close, at 53.00, which could lead to earlier bulls opting to secure gains, and close positions. Thursday’s spike in price sent shiba inu to its strongest point since December 18, prior to the holiday season consolidation. Yuri is a crypto journalist interested in technology and technical innovations. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets.

Over 509 Million Shiba Inu Tokens Burnt In Past Week; 30,000 New SHIB Holders In Market

In addition, the team is keeping its promises and delivering the products on time. The Shiba Inu’s Shiberse is touted as an immersive experience for users to have an escapade in the Metaverse. Ripple News, Ripple Price & Xrp Latest 2021 Also, Shiberse boasts of high-quality graphics that are state of the art and would be an experience to remember. However, the SHIB team will release more details about Shiberse soon.

In the last 24 hours, the global crypto market cap crawled up the price ladder by just 0.02 percent. Along with Bitcoin and Ether, stablecoins such as Tether, USD Coin, and Binance USD saw losses. The overall crypto market valuation grew by 1.60 percent in the last 24 hours. Among a small number of altcoins that did see losses, Stellar and Elrond marked their presence. Shiba Inu burn tracker Shibburn in a tweet on January 3 reported another massive increase in the burn rate of Shiba Inu tokens.

SHIB Discord boasts adding Shibarium section

Comprising three separate tokens – SHIB, BONE and LEASH – that users can stake, swap or deposit into liquidity pools on the ShibaSwap decentralized exchange to earn interest and rewards. Shiba Inu price picks up momentum as Ethereum whales scoop massive Shiba Inu coins. While core developers and Shiba Inu Ecosystem tease the launch of the Shibarium Layer-2 blockchain soon, the community expects a massive rise in SHIB burn and utility on the chain in 2023.

Shiba Inu’s performance largely depends on how the general crypto sector price movement plays out. At the same time, the asset will be relying on increasing network activity, like the accelerating burn rate aiming to improve SHIB’s utility. Three days ago, it was reported that during the past seven days, the growth of BONE constituted more than 12%. The news also helped LEASH, a token that would enable users to purchase and auction lands inside the Shiba Inu metaverse, rally by 45% on Feb. 9. This also coincided with someone purchasing 3.4 trillion SHIB worth almost $116 million in a single sale. Some 5% of the bonk token supply was burnt as prices dropped 40% in the past 24 hours.

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The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. But even this sharp rally hasn’t been able to bring Solana into the green for the month, as it’s still 5% underwater for the period. As you can see in the 00000042 Btc To Usd Currency Money Converter graph, Shiba Inu has performed well in the first five days of the new year, observing profits of about 6%. In terms of returns over the last 30 days, however, the asset is still 9% into the red as the recent uptrend hasn’t been enough to erase the poor December performance yet.

The massive increase in the SHIB burn was contributed by 11 transactions to remove Shiba Inu tokens from the circulating supply. According to the Shibburn website, the burn rate and the number of transactions have been increasing massively in the last few days. On January 2, 159,411,895 SHIB tokens were burned in 13 transactions.

For the period of the last week, SOL’s profits are even higher at about 40%. Recent developments within the Shiba Inu ecosystem suggest that such a breakout may be closer than some think. As mentioned above, the Shibarium Network is due to launch its beta in the coming weeks, although the team hasn’t provided a specific date or window.

Shiba inu, however, has a community-driven rescue campaign for Shiba Inu dogs and an ecosystem of products and services, including a decentralized exchange named ShibaSwap. The peer-to-peer Live Cryptocurrency Prices 2020 trading platform lets users trade SHIB to and from other cryptocurrencies. Users can also provide liquidity and stake the ecosystem’s three tokens to earn interest.

Shiba Inu’s Shibarium Developers Clear Rumors As Network Launch Draws Near

Ringoshi Tōitsu tweeted that recently Shytoshi Kusama, who is not only the lead dev of SHIB but also co-founded SHIB token and the network, was quoted by the Unification Fund team. Tōitsu believes that this is a very important sign for the community of Unification, as well as for those of SHIB and BONE tokens. On Feb. 3, Welly’s, a fast-food chain selling burgers and french fries,announced a tie-up with Shiba Inu. In doing so, the firm decided to rebrand its stores to integrate Shiba Inu-themed products, including nonfungible tokens featuring their mascot dog’s imageries. Metaverse craze, token burning events and increasing merchant adoption have made Shiba Inu outperform Dogecoin so far this month.

Dogecoin raced to a multi-week high on Jan. 5, as meme coins rose higher following recent days of consolidation. The coin climbed for a second straight session on Thursday, which comes ahead of Friday’s U.S. nonfarm payrolls numbers. According to Shibburn, in the last 24 hours, more than 90 million Shiba Inu tokens have been burned by various addresses, which corresponds to a 35% rise. With the recovering activity of the cryptocurrency market, we should see a gradual increase in the number of destroyed tokens. The meme coin is up over 150% in the past 24 hours and have recorded some of the highest trading volumes on Solana-based decentralized exchanges. However, the imminent launch of the layer-two scaling solution shows that Shiba Inu is serious about being more than just another gimmicky meme coin, something also indicated by its long-awaited metaverse.

Over the holiday weekend, Shytoshi tweeted that work on Shibarium is being finalized. However, the Layer 2 solution will not be released during the holiday season, as this is time that developers need to spend with their families and relax overall. This work must be done thoroughly, carefully and with no rush, he tweeted, again adding that the launch will take place «very soon.»

SHIB is certainly poised for a hot run in 2022 as they have several releases up their sleeves. The meme-token is at a pivotal point and is scaling sustainably through its next releases. But despite falling behind in ranks, SHIB’s price has outperformed DOGE in 2022.

Another notable gainer on Thursday was fellow meme coin shiba inu , which also rose for a back-to-back session. Shiba Inu’s rally in February primarily came in the wake of multiple bullish catalysts, including merchant adoption, a token burning event and the announcement of a layer-2 blockchain solution. Any data, text or other content on this page is provided as general market information and not as investment advice. CoinDesk is an independently managed media company, wholly owned by the Digital Currency Group, which invests in cryptocurrencies and blockchain startups. DCG has no operational input into the selection or duration of CoinDesk content in all its forms. Including the latest news on the Shiba Inu price and the SHIB market cap.