Before making a small retreat, Shiba Inu gained 8%. The SHIB community is still holding out hope that the cryptocurrency may remove the zero from its decimal, something that was last accomplished in December.
The SHIB burn rate has become negative at -38%, although the number of active and new addresses has increased over the last three days, according to on-chain statistics, which provides contradicting signals.
With an 8% price increase this week to reach its greatest price since mid-January before a minor reversal, the Shiba Inu’s march toward erasing a zero continued. Despite a slowing in the SHIB burn rate, the number of active Shibarium users is increasing, suggesting that the meme coin’s on-chain characteristics are strong.
As of the time of writing, SHIB is trading at $0.000009774, up 2.88% over the previous day on a 44% increase in trading volume to $200 million.
The meme currency rose 8% from $0.000009234 on Monday to an intraday high of $0.000009915 over the course of the previous day. One of the key short-term objectives for the Shiba Inu community is still to remove one zero from the decimal point, and this is the highest it has traded since January 11.
December saw the last occasion SHIB removed a zero, reaching a seven-month high of $0.00001165 on December 17. When the overall cryptocurrency market began to lose some of its gains from the previous year’s bull run, the meme coin remained onto its new price level for two weeks before adding the extra zero on January 2 of this year.
What Does Shiba Inu (SHIB) Have in Store?
Shiba Inu is getting closer to breaking through the $0.00001 barrier, which has been difficult for several months. The SHIB community is certain that the meme currency can maintain its price above this level this time around because of the strong on-chain and technical foundations supporting its price climb.
With a jump this week, the number of transactions on the Ethereum Layer 2 chain reached new highs, demonstrating Shibarium’s continued popularity in the cryptocurrency world. In just one day, the number of transactions exceeded 4.35 trillion tokens, a 340% increase.
As more players flooded into the network, the number of active accounts on Shibarium also experienced notable increase, rising to 49%, with the growth of new accounts exceeding 780%. Shibarium’s native token, BONE, has benefited greatly from the spike in on-chain activity; in just one day, its daily volume increased by 220%.
But things aren’t always good for Shiba Inus. This week, its burn rate has drastically decreased; on Tuesday, it increased by 1,800%, but yesterday it dropped to -74%. As of the time of publication, Shibburn’s data indicates that the burn rate is -38.34%.
Shiba Inu burns are important because they remove millions of SHIB tokens from circulation, increasing the value of each token that remains. Of the 999.9 trillion tokens available, the community has burned 410 trillion thus far. The community still has a ways to go before the burns may significantly affect the price of SHIB and leave a large hole in the circulating supply, which is currently at 581 trillion.