Shiba Inu (CRYPTO: SHIB) is making waves again is making waves again with significant burn rates, wallet movements, a good first-quarter performance and ecosystem developments.
What Happened: Shibburn data reveals a spike of 2,211.9% in burn rate in the past 24 hours, with a single transaction burning 1.8 million SHIB coins around two hours ago.
Shibburn data reveals a spike of 2,211.9% in burn rate in the past 24 hours, with a single transaction burning 1.8 million SHIB.
Whale Alert data highlights the movement of 3 trillion SHIB tokens, worth $79.9 million, from one unknown wallet to another, both belonging to the trading platform Robinhood. This could be an internal shuffle carried out by the exchange to maintain security and optimize asset management.
Tangem wallet announced its support for payments in selected cryptocurrencies, with Shiba Inu being the only meme coin.
Price Action: At the time of writing, SHIB was trading at $0.00002723, up 3.2% over the past 24 hours, taking weekly gains to 24.7%. In the past 24 hours, Shiba Inu trading volume has expanded by 32% despite a marginal increase in its price.
Also Read: 'Dogecoin Killer' Shiba Inu Whale Transactions Spike 55%: '$100B By 2025,' Predicts Crypto Investor
Why It Matters: IntoTheBlock data highlights an increase of 3.2% in large transaction volume to $100.7 million, while concentration by large holders stands at 73%.
Bitget Global, in its latest X post, highlighted Shiba Inu's Q1 performance, with a 416% surge in trading volume in the ecosystem and a 178% increase in the number of traders. The top three gainers in the SHIB Ecosystem sector were Shib, Leash, and Bone, with gains of 190%, 87%, and 25%, respectively.
This strong performance follows Shiba Inu's announcement of a $12 million capital raise to enhance its Layer 3 network and its collaboration with Fully Homomorphic Encryption technology leader Zama during the quarter.
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.