'Dogecoin Killer' Shiba Inu's Daily Transactions Spike 1,082%: 'Still Very Bullish On SHIB,' Says Crypto Investor

Zinger Key Points
  • Shiba Inu reported a significant surge in daily transactions to $75,800, the first time in ten days.
  • The SHIB community witnessed a major burn transaction of 25 million coins over the past 24 hours.

Shiba Inu SHIB/USD has seen a surge in daily transactions, defying a price dip amid bullish investor opinions.

What Happened: Shiba Inu's marketing lead Lucie took to X to announce the launch major upgrades for Shiba Eternity, a popular project among SHIB investors.

The project launched a blockchain version, with Lucie mentioning that the first version of the project is ready with some updates.

They are also adding new features and fine-tuning the system, indicating significant upgrades for SHIB, LEASH and SHEB holders within the Shibarium ecosystem.

Shibburn data shows a single burn transaction of 25 million SHIB in the past 24 hours, followed by additional burns of 2.4 million and 1 million in two separate transactions. An early tweet from April 9 mentioned a total of 135.5 million SHIB burned across 12 transactions in the past 24 hours, marking a 1,344.1% increase in the burn rate.

Also Read: What’s Going On With ‘Dogecoin Killer’ Shiba Inu?

Why It Matters: Data from IntoTheBlock shows a 179.5% surge in large transaction volume, amounting to $163.12 million.

According to Shibariumscan data, there has been a significant surge in daily transactions after a period of ten days. As of April 8, daily transactions stand at 75,800, compared to 6,410 on April 7. Additionally, the number of new contracts on Shibarium increased from 11 to 25 in the same period.

While Shiba Inu’s performance may not have reflected significant profits in investors’ portfolios recently, the uptick in whale transactions and token burns indicates bullish sentiment among investors.

Despite a 3.6% price drop in the past 24 hours, Shiba Inu is up 4.2% week-over-week, trading at $0.00002771 at the time of writing.

Heavily-followed crypto content creator Jake Gagain tweeted, "Still very bullish on SHIB."

What’s Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: ‘Dogecoin Killer’ Shiba Inu Bounces 6% On 1,058% Explosion In Large Holder Net Flow

Image: Pixabay

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