Shiba Inu SHIB/USD is gaining positive momentum with strong network activity and buying interest from whales. Bullish expectations are also reflected in the marketing lead’s latest announcement.
What Happened: According to data from IntoTheBlock, there has been a notable increase in transactions exceeding $100,000, rising from 10 transactions on Feb. 10 to 24 transactions on Feb. 11.
In the past seven days of trading, Shiba Inu has gained 7.3%.
Data from Shibarium Scan reveals a surge in daily transactions to 2.04 million as of Feb.11 from 526,090 as of Feb.9, 2024. This surge is accompanied by an increase in active accounts to 732 on Feb. 11 from 482 on Feb. 9.
In the past 24 hours, the burning rate has increased by 75%, with a single transaction on Monday burning 25 million tokens, as per Shib Burn data. This brings the number of tokens burnt to 410.7 trillion and leaves a total supply of 589.3 trillion.
U.Today referenced IntoTheBlock data, reporting a 2,595% surge in inflow from large holders for Shiba Inu. Large holders' inflow surged from 275.2 billion SHIB on Feb. 7 to 2.31 trillion SHIB on Feb. 9.
This could be attributed to substantial buying activity and may indicate price bottoms before price increases as these addresses seek to buy in bulk following significant corrections.
Read Next: 'Dogecoin Killer' Shiba Inu Burns 10B SHIB In January: 'Significant Partnerships In The Works'
Why It Matters: NOWNodes, a popular Shibarium validator, announced that the ecosystem is open to new projects being built on the network. The validator also stated that numerous promising tokens will be arriving in the ecosystem soon.
Developers are working on delivering a new guide on how to integrate these tokens through applications and exchanges, making NOWNodes one of the earliest blockchain infrastructure providers to enable Shibarium support.
Lucie, Shiba Inu's marketing lead, shared insights on X, outlining that the community should be ready for Shibarium’s big win. Lucie mentioned collaborations with partners to strengthen Shibarium, stating, "With assets like $SHIB, $BONE, and $LEASH, Shibarium is set to take off!" Lucie expressed confidence in the underdog Shibarium community, likening them to winners already.
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
