Will Shiba Inu (SHIB) Lead Memecoin Bull Run?
Shiba Inu (SHIB) is sparking bullish interest in the cryptocurrency market after a wave of positive on-chain factors fueled price growth. At press time, SHIB is trading at 0.0000227, up 8% on the week despite facing a minor short-term correction.
Multiple traders on the social media space believe that the rise of SHIB and memecoin will usher in the next bull phase of the market. Shiba Inu has a market cap of over $13.4 billion and a daily trading volume of nearly $400 million.
Shiba Inu’s trading volume has surged along with its price. The memecoin has seen an increase in daily trading volume and new active accounts on the back of a network upgrade. Crypto lender Nexo announced the listing of SHIB on its platform in an effort to boost longs and small-scale traders.
Data from IntoTheBlock shows that SHIB trading volume surged 382%, while active addresses rose 11%. Additionally, the volume of transactions over $100,000 doubled in the past 48 hours. Shibariumscan data also indicates that active users increased from 977 to 1,493.
According to the platform, Shiba Inu has evolved from a fun meme to include many use cases that empower the community. ShibaSwap, a token swap and liquidity mining exchange, has been welcomed for new updates from the community.
In recent weeks, SHIB’s burn rate has had a positive impact on asset prices as they recover from previous bottoms. The platform deploys token burns to increase the value of market assets. SHIB’s burn rate reached 4,100% after 82 million tokens.
Shiba Inu remains the second-largest meme coin by market cap, lagging behind Dogecoin in terms of long-term growth, but with recent gains higher than Dogecoin. Despite SHIB’s surge in momentum, Dogecoin’s weekly momentum continues to outpace the asset. DOGE is up 18.5% this week as its community suggests it could rise to $1.
