Shiba Inu (SHIB) has shown strong potential recently, and here are three key reasons why its price might continue to rise.
1. Shibarium’s Growth:
Shibarium, Shiba Inu's layer-2 scaling solution, has seen a massive surge in daily transactions, hitting 324,000 and 242,000 over the past two days. This uptick in activity indicates growing engagement and confidence in the SHIB ecosystem.
2. Burn Rate Surge:
In just 24 hours, SHIB’s burn rate spiked by nearly 400%, with 6.3 million tokens destroyed. The burning mechanism aims to reduce SHIB’s circulating supply, potentially increasing its value if demand stays strong.
3. Meme Coin Sector Gains:
The meme coin market is also booming. Dogecoin (DOGE) is up 30% this week, with coins like Bonk Inu (BONK) and Floki Inu (FLOKI) seeing similar growth. Cat in a Dogs World (MEW) hit a new high after being listed on Upbit.
One Concern:
Despite these positives, SHIB’s exchange netflow has been positive, meaning more tokens are moving to exchanges, which could increase selling pressure and impact short-term price growth.
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