Three Reasons Why Shiba Inu (SHIB) Price Soared 10% Today
TL;DR
- Shiba Inu (SHIB) saw a 10% price increase, influenced by the overall positive trend in the crypto market, with Bitcoin reaching $42,000.
- SHIB’s rally could be partly due to the success of Shibarium, its layer-2 blockchain solution, which recorded a dramatic increase in daily transactions, peaking at 7.84 million on December 3.
- The rise in SHIB’s value could also be attributed to its aggressive burning program, with a 1,000% increase in burn rate in a week leading to over 527 million tokens being permanently removed from circulation.
Green Market and Shibarium’s Role
The popular memecoin – Shiba Inu (SHIB) – has been one of the best performers in the cryptocurrency market in the past few days. Its price has jumped by 10% on a daily basis, possibly prompted by three vital factors.
The first seems to be the overall green wave in the industry, with most assets charting substantial gains. For one, Bitcoin (BTC) reached a 19-month high of $42,000 (per CoinGecko’s data).
Another element that could have played a role in SHIB’s rally is the advancement of the layer-2 blockchain solution, Shibarium.
According to recent data, total transactions on the network have exploded to almost 30 million. The significant spike comes after three consecutive days of recording multi-million daily transactions.
The figure peaked on December 3 at 7.84 million. In comparison, the number of daily transactions hovered between 8,000 and 40,000 throughout November.
Those willing to learn more about Shibarium’s purposes and specifics could take a look at our dedicated video below:
SHIB Burn Rate on the Rise
Last but not least, SHIB’s price increase could be attributed to the successful execution of Shiba Inu’s burning program. As revealed by Shibburn, the asset’s burn rate has soared by almost 1,000% in the past week, resulting in over 527 million tokens sent to an address that nobody could access.
The memecoin witnessed more than 1.3 billion SHIB burned throughout November and almost 1.5 billion destroyed in October.
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