In a stunning twist of fate, the on-chain metrics of Shiba Inu (SHIB), the cryptocurrency sensation, are on a meteoric rise, sparking enthusiasm within its vibrant community. Let's delve into the exhilarating developments driving SHIB's electrifying performance.
Surge in Transactions
According to the blockchain wizards at IntoTheBlock, the SHIB network is currently experiencing a jaw-dropping 335% surge in substantial transactions valued at $100,000 or more. This quantum leap catapulted the transaction volume to an astonishing $29.24 million. To put it in perspective, that's a colossal 3.75 trillion SHIB tokens, accounting for more than half of the daily transaction volume, which has hit an impressive 5.32 trillion.
This meteoric rise in significant transactions tells a compelling story of unwavering investor faith in SHIB's future. It also spotlights the undeniable liquidity and insatiable appetite for the SHIB token.
At the heart of SHIB's transaction surge lies Shibarium, a Layer-2 solution engineered to deliver lightning-fast and cost-effective transactions for the SHIB community. After conquering some technical challenges, thanks in no small part to the wizardry of Polygon developers, Shibarium has resurfaced, and it's making waves.
Shibarium has emerged as the darling of the SHIB community, offering a scalable and secure platform for the creation of decentralized applications (DApps). Interestingly, the number of addresses within the Shibarium ecosystem recently broke through the one million milestone, shining a beacon on its popularity and promise.
Peeking Under the Hood: SHIB's Ownership Landscape
In another related story, a closer look at SHIB's ownership distribution reveals a fascinating mosaic. Retail investors lay claim to a substantial 36% of the SHIB token supply, while the whales boast 33% and the heavy hitters wield 25%. However, these figures are flavored by the presence of approximately 41.77% of the total supply residing in dormant addresses, temporarily out of the market's circulation.
This robust retail investor presence paints SHIB as an all-inclusive cryptocurrency, beckoning users from all walks of life. It's a testament to the passionate and steadfast fan base championing SHIB's vision and ambitions.
The Future Unfolds for Shiba Inu
Shiba Inu has unequivocally declared its intentions in the crypto arena: to become a tour de force. Every day, the SHIB network showcases awe-inspiring signs of growth, intensified activity, and relentless innovation.
At the heart of this journey lies Shibarium, a technological marvel that breathes new life into SHIB's ecosystem. Its promise of unrivaled scalability and security for dApp development positions it as the star player.
SHIB Maintains Bearish Bias
Shiba Inu’s positive outlook appears to stop right at the doorstep of the price of SHIB. As of the time of this report, SHIB is on track to record its fifth consecutive bearish daily candle as it spirals near its August 22 low of $0.00000755.
That said, we expect the base of this fall—if it persists—to anchor around the $0.00000750–$0.00000735 area, where a rebound should follow upon getting triggered. On the flipside, SHIB could remain pinned in a sideways bias for the week as the bearish trend starts to wear off. Regardless, it’d be interesting to see what happens next as we begin a new trading month.
SHIB Statistics Data
SHIB Current Price: $0.00000770
SHIB Market Cap: $4.5B
SHIB Circulating Supply: 589.3T
SHIB Total Supply: 589.5T
SHIB Market Ranking: #15
This article should not be taken as financial advice. It is essential to conduct research before making any investment decisions.