The Shiba Inu (SHIB) coin has even outperformed the top 10 established cryptocurrencies this week, posting a solid 15% surge that has caught the attention of the cryptocurrency community.
The significant increase in SHIB price is closely related to the current burn rate, which has seen a significant increase over the past 24 hours.
Based on Shibburn data, a total of 111,799,146 SHIB tokens were burned, resulting in a significant increase of 57% according to the latest update.
Shiba Inu gains price increase from burning rate
Throughout the week, SHIB’s burn rate showed a steady uptrend, closely matching the favorable price action.
The consistent pattern observed points to the possibility of a steady and continuous increase in the asset price over an extended period of time. This is due to the natural expansion of trading volume within the Shiba Inu ecosystem.
SHIB burn rate. Source: Shibburn
Amid current market trends, SHIB is demonstrating its ability to transcend its origins as a meme coin by showing resilience, as evidenced by a sharp 9.2% price increase over the past 24 hours, leading to its being Value reached $0.00000940.
Price action on the SHIB weekend. Source: Coingecko
In comparison, bitcoin traded at $29,383, down a meager 0.1% over the past 24 hours while managing to gain 1.3% over the past seven days, according to data from the crypto market-tracking site Show Coingecko from Sunday.
BTC weekend price action. Source: Coingecko
The recent increase in value represents a remarkable achievement for SHIB given the company’s sustained performance over the past week.
The introduction of Shibarium also causes a big price increase
Additionally, the upcoming launch of Shibarium, a Layer 2 protocol with enhanced functionality based on the Ethereum network, is adding to the heightened anticipation and price surge for SHIB.
SHIB market cap at $6.2 billion on weekly chart: TradingView.com
Meanwhile, data obtained by Coinglass paints a compelling picture of a notable surge in open interest observed in Binance’s SHIB futures market.
The current surge is showing a tremendous growth rate and has increased by almost 100% in just one month.
The significant increase in SHIB’s open interest and market cap indicates a significant capital inflow. The historical context is interesting as it often coincides with instances of bitcoin price swings.
SHIB and its correlation to Bitcoin
Over the course of SHIB’s existence, there have been approximately seven incidents in which the company’s outstanding interest exceeded the significant $100 million milestone. Significantly, each of these incidents coincided with fluctuations in the valuation of alpha cryptocurrency Bitcoin.
(The content of this website is not to be construed as investment advice. Investing involves risk. When you invest, your capital is at risk.)
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