SHIB is one of the best performing cryptocurrencies today (October 9).
Summarize
Shiba Inu’s price has increased by 4% in 24 hours, likely driven by key factors such as reduced exchange reserves and increased token burns.
In contrast, Shibarium's trading activity declined.
SHIB flashes green again
Many of the leading cryptocurrencies are down today, October 9, according to CoinGecko. Most are seeing small gains, with Shiba Inu (SHIB) being one of the best performers.
Its price has risen by 4% in 24 hours and is currently trading at around $0.00001786. Meanwhile, its valuation has risen by nearly 40% in the past 30 days, thanks to a brief bull run in late September.
The recovery coincides with a plunge in SHIB exchange reserves. According to CryptoQuant, this figure has been declining over the last year, indicating a significant shift away from centralized platforms and toward self-custodial methods. This can be interpreted as a bullish sign as it reduces immediate selling pressure.
Another factor that could keep SHIB’s rally going in the short term is the meme coin’s destruction mechanism. In the past 24 hours, the destruction rate has risen by more than 400%, resulting in nearly 3 million tokens being sent to empty addresses.
The dollar equivalent of these collections may be negligible, but continued efforts in the field will make Shiba Inus more scarce and potentially more valuable (assuming demand maintains its level or increases).
Large transactions, a momentum indicator that measures the number of transactions above $100,000, are also rising. The indicator is up 5.5% on a daily basis (according to data from IntoTheBlock), giving a bullish signal.
Shibarium strives to keep up with the trend
Further progress on Shiba Inu’s second-layer blockchain solution, Shibarium, has also been touted as a factor that could boost the meme coin’s price.
While the protocol has achieved numerous goals over the past few months, it has been underperforming recently. Daily transaction volumes have hovered below 10,000 since early October, compared to millions in early 2024.
