Memecoins
Will Shiba Inu (SHIB) Lead the Memecoin Bull Run?
Shiba Inu (SHIB) is attracting bullish interest in the cryptocurrency market following a wave of positive on-chain factors driving price growth. At press time, SHIB is trading at 0.0000227, an 8% increase this week despite minor short-term corrections.
The upward rally of SHIB and memecoins was predicted by several traders on social media spaces as ushering in the next bullish phase of the market. Shiba Inu’s market capitalization stands at over $13.4 billion, with daily trading volumes of nearly $400 million.
Burn rates and whale deals attract investors
Shiba Inu has seen an increase in transactions alongside its price increase. The memecoin saw an increase in daily volumes and new active accounts thanks to network upgrades. Crypto lender Nexo’s announcement to list SHIB on its platform was aimed at boosting bulls and small traders.
Data from IntoTheBlock shows a 382% increase in SHIB transactions while active addresses increased by 11%. Additionally, transactions above $100,000 have doubled in the last 48 hours. Shibarium scan the data also shows an increase in active users from 977 to 1,493.
According to the platform, Shiba Inu has evolved from a playful meme to many community-enhancing use cases. ShibaSwap, a token swapping and yield farming exchange, has been praised for its new updates in the community. The SHIB depletion rate has had a positive impact on the asset price in recent weeks as it recovers from the previous low.
Token burns are deployed by platforms to increase the value of assets in the market. The burn rate of SHIB reached 4,100% after 82 million pieces.
Can SHIB surpass DOGE?
Shiba Inu remains the second largest memecoin in terms of market capitalization and trails Dogecoin in terms of long-term growth, but has recently shown higher gains than DOGE.
Despite SHIB’s surge, Dogecoin’s weekly momentum continues to outpace that of the asset. DOGE is up 18.5% this week as its community eyes a possible run to $1. On the other hand, the asset is down 7% in the last 24 hours.
Read also: Top Reasons Why the Crypto Market is Down