Shiba Inu (SHIB) Bull Run Continues as This Important Metric Soars by 2000%

2 months ago 17

TL;DR

Shiba Inu (SHIB) experienced a substantial 250% price surge over two weeks, with its market cap exceeding $25 billion, driven by more activity and interest in its ecosystem.
Developments such as an increase in token burning and the growth of Shibarium are key factors behind the surge, positioning SHIB for potential further gains.

Shiba Inu – the second-largest meme coin – has been among the most trending cryptocurrencies recently due to its exponential price increase. Its increase stands at a whopping 250% on a two-week scale, whereas its market capitalization briefly surpassed the $25 billion mark several days ago.

Important indicators related to SHIB’s ecosystem have also headed north. According to IntoTheBlock, daily active addresses have soared since the beginning of March, significantly exceeding the figures observed in February. At one point this week, the metric peaked at 21,000, nearly 20x above last month’s daily average.

CryptoPotato recently reported that the Shiba Inu burning mechanism and the layer-2 blockchain solution – Shibarium – have also witnessed considerable resurgence. The burn rate exploded by 30,000 on March 2, whereas the total amount of tokens destroyed throughout February was around 643 million.

Meanwhile, total transactions on Shibarium reached the 400 million milestone. The number of wallet addresses on the network is inching towards 1.4 million, with total blocks pushing above 3.5 million.

Shibarium, officially launched in August last year, is designed to boost the Shiba Inu ecosystem by enhancing speed, reducing transaction fees, and improving efficiency.

SHIB’s price could positively react to all those developments and reach new peaks in the near future. It might also receive a boost from the upcoming Bitcoin halving, scheduled for April, and the overall frenzy reigning in the meme coin sector.

Assets of that type are quite intriguing for traders as they can offer the chance of 100x (and even larger) profits. Those looking for the next token that can experience such an explosive price increase can take a look at our latest video below: