Important Shiba Inu Metric Explodes by 2,300% as the SHIB Price Rises: Details
TL;DR
- Shiba Inu experienced a significant increase in transaction volume and price, supported by improvements in its blockchain technology and increased token burns.
- SHIB’s adoption as a payment method by CoinGate further enhances its utility and exposure in the cryptocurrency market.
This SHIB Indicator Took off
The second-biggest meme coin in terms of total market capitalization – Shiba Inu – made the headlines today (May 14) thanks to the rise of one major metric related to its ecosystem.
According to IntoTheBlock data, SHIB aggregated daily volume, where each transaction exceeded $100,000, has reached $223 million. This represents a staggering 2,300% increase compared to the figure observed the day before. Daily active addresses and transaction volume have also headed north, albeit not as substantially.
The rise of the aforementioned metrics coincides with a SHIB price rally. The asset is among the best performers in the market today, registering a 7% increase on a 24-hour scale. Some of its rivals in the meme coin niche, though, have witnessed even more significant gains. Such examples are PEPE (23%), POPCAT (27%), TRUMP (22%), FLOKI (12%), and more.
The Contributing Factors
Some of the elements that may have fueled the latest SHIB price resurgence include the surging burn rate and the further development of the layer-2 scaling solution Shibarium.
The team behind the meme coin destroyed over 200 million tokens in the past seven days. The rate is over 100% in the past 24 hours, resulting in an additional 30 million assets sent to a null address. The mechanism’s ultimate mission is to reduce SHIB’s circulating supply, making it scarcer and possibly more valuable in time.
For its part, Shibarium underwent two major upgrades. The goal was to improve 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. As CryptoPotato reported, CoinGate – a blockchain payment processor headquartered in Lithuania – embraced it as a payment method.
The entity serves as a bridge between crypto and traditional finance, collaborating with well-known companies such as Airbnb, Spotify, Nike, IKEA, Walmart, Uber, and many more.
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