Three factors behind Shiba Inu price that can trigger an important movement
|- Shiba Inu price posted nearly 5% gains overnight, and started recovery despite crypto bloodbath.
- Shiba Inu network activity exploded with a 35% increase over the past week.
- 23.4 million Shiba Inu coins were burnt in three transactions on June 30, fueling a bullish sentiment in the ShibArmy.
Shiba Inu price is starting a recovery while the rest of the crypto ecosystem is soaked in a bloodbath. There is a spike in network activity in Shiba-Inu-themed cryptocurrencies Shiba Inu and Dogecoin. ShibArmy is awaiting a massive surge in Shiba Inu price as burn continues.
Also read: This event could trigger a recovery in Shiba Inu price
Shiba Inu price rallies as network activity explodes
Shiba Inu price is rising as along with competitor Dogecoin it is observing a notable increase in network activity. Based on data from crypto intelligence platform Santiment, over the past ten days, network interaction among Shiba Inu and Dogecoin holders increased 35% and 32% respectively.
Shiba Inu network activity
At a time when most cryptocurrencies have witnessed a decline in their prices, investors poured capital into the Shiba Inu ecosystem. A surge in network activity is indicative of rising interest in ShibArmy members and investors, fueling a bullish sentiment among traders.
Experts believe increased transaction activity could be a temporary setup for a Shiba Inu price rally. The recent liquidity crises post the collapse of Terra LUNA and Three Arrows Capital triggered a slump in cryptocurrencies.
23 million Shiba Inu coins were destroyed in three transactions
Shibburn portal reveals that 23.4 million Shiba Inu coins were burned in three recent transactions. In the past 24 hours 357.6 million Shiba Inu tokens were destroyed and the burn rate climbed 119% overnight.
In the past hour, there have been a total of 23,401,879 $SHIB tokens burned and 3 transactions. #shibarmy
— Shibburn (@shibburn) June 30, 2022
In the past hour, there have been a total of 23,401,879 $SHIB tokens burned and 3 transactions. #shibarmy
— Shibburn (@shibburn) June 30, 2022
The rapid burn of Shiba Inu has pulled trillions of tokens out of circulation and contributed to the rise in value of the remaining 557.9 trillion Shiba Inu coins currently in circulation – over 41% have been permanently removed from the Dogecoin-killer’s supply.
Shiba Inu circulating supply
Shiba Inu social dominance on the rise
In addition to the rising network activity, Shiba Inu coin has witnessed a spike in its social dominance. Based on data from crypto intelligence platform Santiment, social dominance is a metric that equalizes whether the cryptocurrency is being discussed during a hyped time or whether it is being discussed during a less specific time of the day.
The social dominance for Shiba Inu recently witnessed a massive spike and this coincides with the recovery in Shiba Inu price.
Shiba Inu social dominance
Constant engagement of investors in Shiba Inu across social media platforms is a key reason for a Shiba Inu price recovery.
Shiba Inu leads the pack on Coinbase
Among cryptocurrencies listed on Coinbase’s platform, Shiba Inu ranks among the three cryptos trading at a price higher than their listing price. Shiba Inu price started recovery in the bear market while Bitcoin and Ethereum prices continued to plummet. Most cryptocurrencies in the top 30 by market capitalization have bled and struggled to recover, while Shiba Inu price is making a comeback.
Despite being removed from Crypto.com’s Earn program, and other similar setbacks, Shiba Inu price has witnessed a trend reversal. While Crypto.com pulled Shiba Inu out of the list of assets supported for rewards on Crypto Earn, Coinbase Commerce added the meme coin to its platform for instant and free payment settlements to merchants.
Shibarium launch draws close
Shiba Inu’s layer-2 solution Shibarium is set to release beta phase as early as Q3 2022. Based on the announcement of developers at the Unification Foundation, Shibarium’s beta version could see the light of the day soon.
Shibarium and Shiba Games are the two releases planned for the Shiba Inu ecosystem in 2022. Experts believe that the launch of Shibarium could contribute to the recovery of Shiba Inu coin.
Unification informed the ShibArmy that the Shibarium Alpha TestNet has been successfully running for a number of weeks and is allowing developers to create the necessary support tools prior to the public Beta TestNet deployment. The primary tool under heavy development is the wallet application, which will also be deployed on L2.
Shibarium is being built on and improving well established, battle-tested and robust technology with xFUND, and particularly Oracle of Oracles (OoO). Oracle of Oracles will play a key role in the ecosystem as an Automated Market Maker (AMM).
The Shibarium Public Beta TestNet is planned for deployment in Q3 and it will allow parties to fully interact with the network, including the validation process.
Shiba Inu price is ready for recovery
Analysts at FXStreet have evaluated the Shiba Inu price trend and predicted that after facing headwinds and a brief period of consolidation, SHIB is ready for another leg-up. Shiba Inu price could embark on a 15% rally from its current level and hit its targets of $0.0000119 and $0.0000130.
Further uptrend continuation could push Shiba Inu price to retest the $0.0000139 hurdle, the short-term local top for the Dogecoin-killer.
Shiba Inu perpetual futures
FXStreet analysts believe Shiba Inu’s competitor Dogecoin is primed for a massive rally. For more information and key price levels to watch out for, check this video:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.