Shiba Inu Soars: Daily Transactions Hit $135M, Price Surges

June 6, 2024 at 04:40 AM GST updated: June 6, 2024 at 04:03 AM 2 mins read News

SHIB’s daily transactions surged by 99%, exceeding $135 million, signaling heightened investor activity.
A burn rate exceeding 10,000% on June 4 removed about 370 million SHIB tokens from circulation, potentially boosting the token’s value.
Shibarium, processing over five million blocks by May’s end, has enhanced SHIB’s transaction speed, reduced fees, and improved scalability since its summer launch.

Shiba Inu (SHIB) has witnessed a significant surge in its price today, marking a notable 10% increase and positioning itself among the leading altcoins in the current market climate.

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Latest data indicates that SHIB is now trading at around $0.00002612 per token. This surge coincides with a substantial rise in transaction volume, with SHIB’s daily transactions surpassing $135 million, representing a remarkable 99% surge compared to the previous day. Concurrently, the coin’s price has surged by over 6%, indicating a growing interest among investors.

This surge in transaction volume suggests a notable increase in whale activity within the SHIB ecosystem, signaling substantial transactions and heightened involvement from major investors. This resurgence has led to positive returns for many investors, with a significant portion now finding themselves in profitable positions. Notably, approximately 73% of SHIB’s circulating supply is currently under the control of these influential market players.

The recent price rally in SHIB can be attributed to several key factors propelling momentum within the ecosystem. The token burn mechanism has experienced heightened activity, with an exceptionally high burn rate recorded on June 4th. This activity resulted in the removal of approximately 370 million SHIB tokens from circulation last month alone, effectively reducing the token’s supply and potentially enhancing its long-term value.

Furthermore, the ongoing development of Shibarium, a Layer-2 scaling solution aimed at enhancing the Shiba Inu ecosystem, has played a crucial role in bolstering investor sentiment. With over five million blocks processed by the end of May, Shibarium has significantly improved transaction speeds, reduced fees, and enhanced overall scalability since its launch last summer.