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SHIB Burns Collapse as Price Makes Unexpected Pivot
As the festive season comes to a close, Shiba Inu has seen a notable increase in its price, rising by over 10% since yesterday. The sudden surge is accompanied by a significant drop in token burns, which could potentially have an impact on the overall supply of SHIB.
The market capitalization of the meme-themed cryptocurrency has jumped to $2.20 billion as it stands at $0.00002336 per coin. This price increase might be attributed to the growing popularity and adoption of Shibarium, a layer-2 blockchain that is nearing a major milestone.
According to the Shibariumscan explorer, the network is on track to surpass 700 million transactions soon, with daily transaction counts already reaching 4.71 million. The recent addition of the “latest transaction” section showcases a staggering 175,088 new transfers in a single day.
Furthermore, the number of linked wallets has reached 2,021,457, indicating a notable increase in user adoption and engagement.
However, this sudden price spike has been accompanied by an unexpected drop in token burns. Typically, Shibarium transactions are associated with SHIB burn events, as users redeem their tokens for real-world rewards. However, the Shibariumscan data reveals a significant decline in these transactions, which could potentially lead to a more stable or even increased supply of SHIB.
As the cryptocurrency market continues to evolve and adapt to the changing trends, it remains essential for investors to keep a close eye on developments like this.
Source: u.today
