Growing Adoption: Over 417 Million Transactions and 1.8 Million Unique Wallets
The increasing adoption of Shibarium is evident in the latest data. With over 417 million transactions and more than 1.8 million unique wallet addresses, Shibarium is making significant strides in the crypto ecosystem. This progress was highlighted in CNF’s previous report, which also emphasized a remarkable 310% increase in the Shiba Inu burn rate. This surge in burning could potentially pave the way for a price recovery for SHIB.
Token Burn Sparks Excitement and Potential Rebound
Recent developments in the Shiba Inu community have caused quite a stir. The token burn rate for SHIB experienced an astonishing surge of 16,600%, resulting in the incineration of over 21 million coins. This significant burn was driven by a single wallet address and numerous community transactions, effectively reducing the total supply of SHIB.
Despite the recent decline in price, there is optimism that this burn could lead to a rebound by reducing the supply. The market has been injected with enthusiasm following this massive burn, with hopes of a potential increase in the value of SHIB.
Mixed Signals from Derivative Data
While the token burn has sparked excitement, derivative data paints a slightly different picture. Coinglass reports a 13.95% decrease in open interest in Shiba Inu futures, indicating a decline in interest from derivative traders. Additionally, while there has been an increase in long liquidations, the absence of significant short liquidations suggests a possibility of further price declines due to ongoing sales.
Current Trading Situation
At the time of writing, SHIB is trading at $0.00002378, reflecting a 5.00% decrease in the past day and a 4.46% decrease in the past week. The price chart below provides a visual representation of these recent fluctuations.
Overall, the growing adoption of Shibarium, along with the significant token burn, holds promise for a potential SHIB price recovery. However, it is important to consider both the excitement and caution surrounding these developments in the crypto market.