What's Going On With Dogecoin Rival Shiba Inu (SHIB)?

Shiba Inu SHIB/USD, a popular meme coin built on the Ethereum blockchain, is navigating a turbulent market Thursday with significant on-chain developments contrasting with growing bearish sentiment. The popular altcoin is trading lower by 2.65% to the $0.000012-level Thursday afternoon amid overall crypto market weakness.

What To Know: Despite a broader crypto market downturn Thursday, Shiba Inu's fundamentals show signs of life. The token's burn rate skyrocketed by 112,839% in a single day, permanently removing over 97 million SHIB from circulation in one transaction alone.

Read Also: Bitcoin, Ethereum, XRP, Dogecoin Slide On Thursday Morning: What’s Going On?

This reportedly coincided with a 93.3% surge in large “whale” transactions and a jump in daily transactions on its Shibarium network to 4.5 million. Further bolstering its ecosystem, SHIB recently announced a partnership with AI-powered gaming platform TokenPlayAI.

SHIB, often dubbed the “Dogecoin Killer,” has also expanded its ecosystem with a Layer-2 network called Shibarium, aimed at increasing transaction speeds and utility.

Meanwhile, derivatives data reveals mounting short interest, with a long/short ratio below 1 and declining open interest, signaling that more traders are betting on further price declines.

Price Action: According to data from Benzinga Pro, SHIB is trading lower by 2.65% to the $0.000012-level Thursday afternoon.

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