Shiba Inu (SHIB) Gains 30% Amid Bullish Sentiment, But Faces Short-Term Correction
Comprehensive Brief:
Over the last 12 hours, Shiba Inu (SHIB) has experienced a 5.11% decline , currently trading at $0.00001958 . Despite this drop, SHIB has seen a 30.84% increase in the past week, thanks to a combination of bullish factors, including a sharp rise in its burn rate and positive developments in its Shibarium layer-2 network ​( Binance )​( CryptoPotato ).
Key Market Developments:
Shibarium’s Impact : Shiba Inu’s Shibarium layer-2 scaling solution , launched to improve transaction efficiency and lower gas fees, has been a major driver of SHIB's price resurgence. The network processed over 7 million blocks , significantly contributing to renewed investor confidence​( CryptoPotato ).
Burn Rate Surge : SHIB's burn rate spiked by 640% , removing millions of tokens from circulation and potentially increasing scarcity. This burn mechanism has been one of the key factors driving up SHIB’s price​( CryptoPotato ).
Investor Sentiment : SHIB has been buoyed by strong community support, with 50% of SHIB holders currently in profit. Market analysts remain divided on whether the rally will sustain, with some predicting further gains due to increased adoption within the ShibaSwap ecosystem ​( Shib Daily
Read More: https://onthenode.com/cryptocurrency/shiba-inu-shib-gains-30-amid-bullish-sentiment-but-faces-short-term-correction
Comprehensive Brief:
Over the last 12 hours, Shiba Inu (SHIB) has experienced a 5.11% decline , currently trading at $0.00001958 . Despite this drop, SHIB has seen a 30.84% increase in the past week, thanks to a combination of bullish factors, including a sharp rise in its burn rate and positive developments in its Shibarium layer-2 network ​( Binance )​( CryptoPotato ).
Key Market Developments:
Shibarium’s Impact : Shiba Inu’s Shibarium layer-2 scaling solution , launched to improve transaction efficiency and lower gas fees, has been a major driver of SHIB's price resurgence. The network processed over 7 million blocks , significantly contributing to renewed investor confidence​( CryptoPotato ).
Burn Rate Surge : SHIB's burn rate spiked by 640% , removing millions of tokens from circulation and potentially increasing scarcity. This burn mechanism has been one of the key factors driving up SHIB’s price​( CryptoPotato ).
Investor Sentiment : SHIB has been buoyed by strong community support, with 50% of SHIB holders currently in profit. Market analysts remain divided on whether the rally will sustain, with some predicting further gains due to increased adoption within the ShibaSwap ecosystem ​( Shib Daily
Read More: https://onthenode.com/cryptocurrency/shiba-inu-shib-gains-30-amid-bullish-sentiment-but-faces-short-term-correction
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