- SHIB burn rate spikes: Over 5.1 million SHIB burned on October 6th, a 544% increase from the previous day.
- Shiba Inu outperforms rivals: SHIB gained 38% in the last 30 days, outpacing Dogecoin, Bitcoin, and Ethereum.
- Ecosystem growth and bullish sentiment: The new web3 game, active Shibarium, and on-chain data show a positive outlook for SHIB holders.
The start of the week for the world’s second-largest memecoin by market capitalization began on a positive note. Since Sunday, the Shiba Inu burn rate has seen a major increase, indicating a potential upward shift in value in the coming days.
According to data from ShibaBurnTracker, over 5.1 million SHIB was burned on October 6th – leading to an incredible 544% burn rate increase against the previous day. In total 5,103,947.838645 tokens were removed from circulation making a modest impact on the total supply. Up until today, 410,730,861,486,725 tokens were burned from the initial supply. The total amount of circulating tokens is 583,516,038,997,683 SHIB.
The market reacted favorably as the token grew from $0.00001737 to $0.0001873 on that same date – a 7.82% increase. As of right now, the currency trades at $0.00001792 boasting a modest 1.04% increase in value over the last 7 days.
Shiba Inu Outpacing Dogecoin
A larger timeframe reveals a more optimistic [word] for SHIB holders. Over the past 30 days, the currency gained over 38% in value, going from $0.00001352 to today’s $0.00001792. In comparison, its main rival in the memecoin market – Dogecoin only grew by 6.97% during that same period.
When comparing Shiba Inu’s monthly performance to Bitcoin and Ethereum, the dog-inspired crypto also grew by over 3 times the competition, indicating a greater momentum and stronger market interest in the short term.
In truth, the Shiba Inu ecosystem has a lot going on right now. Just recently, the project released a new web3 game called called “Shiboshi Rush”, currently available for Android phones.
Despite a spike in fees on October 1st – Shibarium continues to play a vital role in aiding the ecosystem to burn tokens. The Layer 2 blockchain maintained a rate of over 3,000 transactions per day, with the total amount of transactions on its way to reaching 420 million.
IntotheBlock data also reveals an optimistic outlook for the project. According to the real-time crypto market analysis platform, over half of the total SHIB holders are currently profiting off of their initial investment. Moreover, Onchain signals reveal a 7.99% bullish sentiment for the momentum of transactions larger than $100,000.
With the burn rate spiking and steady growth in the ecosystem, Shiba Inu seems to be gaining traction in the crypto space. While nothing’s ever certain in this market, the positive on-chain data and ongoing development give SHIB holders reasons to stay optimistic. It’ll be interesting to see how things play out in the coming weeks as Shibarium continues burning tokens and attracting new users with its expanding projects.
