Shiba Inu (SHIB) Price Rises Amid Fluctuating Burn-Rate and Increased Network Activity

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Shiba Inu’s Burn-Rate Turns Negative – What’s Next for SHIB?

Shiba Inu has recently experienced price increases, but its burn-rate has not yet shown the same activity. SHIB has continued to record a price increase in the last 24 hours. However, the burn-rate has recently decreased.

Shiba Inu’s Burn-Rate Shows Fluctuations

The burn-rate of Shiba Inu [SHIB] has shown fluctuating trends in recent days. This varying burn-rate corresponds to changes in some key metrics on its Layer-2 (L2) platform, Shibarium. An investigation of the Shiba Inu burn-rate on Shibburn revealed that it experienced a 24-hour burn-rate of over 1,800% on February 13. Later in the day, however, the burn-rate experienced a decline and became negative, with a value of -74.38%. At the time of writing, the burn-rate in the last 24 hours was -71.33% and in the last seven days, it was -39.5%. The variability in the burn-rate correlates with the observed fluctuations in some key metrics on Shibarium.

Shiba Inu Records New Accounts on Shibarium

An analysis of the Shibarium metrics recently showed an increase in two key aspects. According to the Shiba Inu Shibarium scanner, both the number of new addresses and the active addresses experienced a notable increase on February 13. When examining the metrics for new accounts, there was a significant drop from over 200 on February 7 to about 20 in the following days. But by the end of February 13, the number of new accounts rose again to 186. In addition, the metric for active accounts showed a significant drop from 732 on February 11 to about 554 in the subsequent days. Nevertheless, the number of active accounts rose to 826 on February 13. This increase in both metrics suggests an influx of new users into the network and an overall increased activity. These trends initially contributed to the increase in the burn-rate before experiencing a subsequent decline.

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How Much are 1,10,100 SHIBs Worth Today?

The analysis of the Shiba Inu price trend by AMBCrypto showed consistent upward trends in recent days. Although there were occasional declines, the overall trend was upward. At the current time, Shiba Inu was trading with a modest increase of over 1%. However, it has not yet surpassed its short-term moving average (yellow line), which acts as a resistance level. Nevertheless, it has broken through the neutral line on its Relative Strength Index (RSI). This suggests a positive trend at the moment.

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Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinated by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. In addition to working on insightful articles dealing with the hottest topics in the crypto space, he finds joy in supporting Manchester United and Afrobeat music.

Source: AMBCrypto

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Casinos: 11
Profile Shiba Inu
Symbol SHIB
Coin type Meme Coin
Transaction Speed High
Pros
  • High security thanks to ERC-20 token standard on ETH protocol
  • Well suited for an easy entry into the crypto world
Cons
  • Not yet widespread
  • Price fluctuations
Price 0,00 €
Percent Change 24h 0,56 %
Percent Change 7d 6,45 %
Percent Change 30d -20,60 %
Percent Change 60d -28,33 %
Percent Change 1y 114,68 %
Market Cap 9.260.902.340,00 €
Official Links
Socials Reddit | X
Best 3 Shiba Inu casinos

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Last update: 24. June 2024

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