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Shiba Inu Price Jumps By 21%, Here’s Why

While the broader crypto market has been trending sideways in the past 24 hours following its stellar rally over the past two weeks, Shiba Inu (SHIB) is bucking the trend, posting a whopping 21% price. The trading volume of the meme coin has exploded by 150% to $810 million within the last 24 hours.

A look at the 1-day chart reveals that the Shiba Inu price approached the lower end of the key resistance zone at $0.000013, but was rejected initially. At press time, SHIB was trading at $0.00001254, reaching the early November highs.

To trigger a sustained bullish breakout on the daily chart, SHIB needs to break above the $0.000014 level. For now, however, a corrective move – either by time or price – seems more likely as the RSI is in overbought territory at 86.7.

Shiba Inu price SHIB USD

The 1-week chart shows that SHIB managed to break out of a one-year downtrend when the price broke the falling trendline to the upside last week. With the setup in the daily chart, a retest of this trendline might be possible to build further bullish momentum afterward.

Shiba Inu price SHIB USD

Reasons For The Shiba Inu Price Rally

The jump in the price of Shiba Inu (SHIB) comes after Korean crypto exchange UpBit announced that it has listed the popular meme token. According to the announcement, South Koreans can now buy Shiba Inu directly with the Korean won.

Upbit was the 22nd largest crypto exchange by spot trading volume within the last 24 hours. Also yesterday, SHIB was also listed on Cointree, an exchange that is even smaller by trading volume.

Therefore, a more likely reason for the pump could rather be the launch of the layer 2 scaling solution Shibarium. As recently as Monday, the developers published a new blog post promising an approaching launch in a couple of weeks.

Shibarium could be a massive bullish catalyst for Shiba Inu. With a market cap of $6.8 billion, it will be the second largest layer 2 solution, while bringing a lot of value to the ecosystem with its own DEXs, NFTs, metaverse, and stablecoin.

Recently, the BONE token already caused a buzz with massive volatility. BONE is the governance token for ShibaSwap, a decentralized exchange that launched in July 2021. It is also interesting to note that BONE will be used to pay for gas, while SHIB will be burned with the basic gas fee.

In addition, Shiba Inu will introduce a new reward token – TREAT. Many details are not yet known, however, it will probably be used in ShibaSwap, Shiba metaverse, the Collectible Card Game, and as a reward for validators.

Finally, the Shiba Inu metaverse is scheduled for release in 2023. Here, the tokens of the Shib ecosystem will meet and 100,595 land plots will be for sale (similar to The Sandbox multiverse).

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Shiba Inu Burn Rate Surges Over 1,300% In 24 Hours

The Shiba Inu (SHIB) token is one of the prominent meme tokens in the crypto market today, having a community of over 3.6 million followers. Liked by many and aiming to be more than just a meme token, the SHIB army committed to a burn mechanism in which they’d have to burn some SHIB tokens to reduce its massive supply.

The latest burn, which happened earlier today, is massive compared to the recent SHIB burns. According to data from the SHIB burn tracking site, Shibburn.com, a total of 37,400,646 SHIB have been burned in the last 24 hours, accounting for a surge in burn rate of 1,395.89%. 

The More SHIB Burned, The Higher The Token’s Value?

The SHIB token burn has been a thing that has been going on for a while now, and though every burn doesn’t result in a spike in SHIB’s price, with some burns comes a price movement. 

This latest burn resulted in an upside in SHIB of nearly 5%. The price of SHIB between the happening of the SHIB burn had some notable gaps. SHIB was trading at a price of $0.00000832 before the burn and then spiked to nearly 0.00000900 after the burn. 

Though the total SHIB burned today wasn’t anywhere near the figure burned at the end of last year and the beginning of this year, it is still a notable spike from the total of 2.5 million SHIB burned the day before. The previous burn didn’t result in any significant price movement on the SHIB price chart. 

Overall, with more SHIB burned over time and more demand than supply, SHIB’s value could appreciate more than expected. Besides, the SHIB price chart shows liquidity at higher highs which need to be taken sooner or later. 

Details On The Latest SHIB Burn

The latest burned SHIB happens to be done with two separate transactions, both with the same aim but different amounts. The first transaction of the SHiB burned was done at 1:26 AM UTC. 

According to data from Etherscan, we saw the first transaction send a total of 16.7 million SHIB tokens to the burn address. The address which sent the SHIB burned currently holds no SHIB but only about 125 BONE.

The second transaction, on the other hand, executed at exactly 3:57 AM UTC, burned a total of 14.9 million SHIB tokens. The address which imitated the transaction currently holds only 0.01 SHIB, according to Etherscan data.

While this latest burn means the SHIB army is maintaining its commitment to burning SHIB, another point indicating the community’s seriousness of burning SHIB is the recent Shibarium update. 

Though the Shibarium layer 2 blockchain is yet to launch, the official Twitter page announced on Saturday a burn mechanism will be introduced. This burn mechanism will be to burn SHIB tokens with each on-chain transaction executed on the Shibarium blockchain. 

SHIBUSDT price chart on TradingView

As of writing, SHIB is enjoying a rally to the upside alongside the majority of the crypto market. The token is up by 5% in the last 24 hours with a market price of 0.00000877 and a total circulating supply of roughly 562 trillion SHIB tokens.

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Shibarium Developers Say Each On-Chain Transaction Will Burn SHIB Tokens

Shibarium is one of the most anticipated projects, mainly in the Shiba Inu community; most SHIB community members are eager for the launch as it could be enough of a catalyst to pump their SHIB bags. 

Latest on the news about the layer two blockchain scaling solution, the developers announced via a short thread on Twitter earlier today that every transaction on the Shibarium network would result in a burn of Shiba Inu (SHIB) token.

Shibarium Burn Mechanism To Boost SHIB Price Over Time?

Currently, SHIB has a circulating supply of 589 trillion units and a total supply that exceeds 900 trillion. Its initial total supply was reduced with a recent burn and with the soon-to-be-introduced burning mechanism by Shibarium, SHIB’s price is likely to appreciate as the supply will be reduced.

Though the amount of SHIB token that will be burned after each transaction has not been revealed, the burning mechanism is likely to be a good enough catalyst for not only the SHIB token but the Shibarium blockchain. 

Recent Update Reflects On BONE Token

In its previous update, the Shibarium team cleared some false circulating speculations about the blockchain and what native token it will utilize. Shibarium developers noted that BONE will be the only token that would be used for gas fees and “No other tokens will be necessary to operate within the protocol.”

For context, BONE is a governance token of the Shibaswap ecosystem, allowing the SHIB community to vote on upcoming proposals in the ecosystem. The more BONE coins a user holds, the more weight their vote carries in future proposal.

Though it may seem as though BONE is the main character of the Shibarium blockchain, it is not, but more of a partner that will work hand in hand with SHIB. “Shibarium has been developed for SHIB token and not for the sake of other projects who claim ownership or speculation surrounding its operability dependency on any other tokens,” the Shibarium team announced.

So far, BONE has been moving in a positive direction. With consolidation almost as if it’s waiting for the Shibarium launch to make a significant move, the BONE token currently ranks at a position of 113 on CoinGecko with a market cap of more than $250 million. Its current market price at the time of writing is $1.1, with a 24-hour trading volume of $4.1 million.

SHIB Price Chart On TradingView

SHIB token, on the other hand, currently ranks higher on CoinGecko, owning the 16th position with a market cap almost heading to $5 billion. It currently has a trading price of $0.00000845 at the time of writing, with a 24-hour trading volume of $175 million.

-Featured image: Shib Army News

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Shiba Inu Lead Dev Ignites Buzz About New Partnership, SHIB Price Stagnates

While the Shiba Inu (SHIB) price has been stagnant since mid-November, the latest cryptic news from the meme cryptocurrency’s lead developer could provide fresh fuel for a rally. As the SHIB community observed, Shytoshi Kusama has once again updated his profile.

The Shiba Inu lead developer’s status now reads “We Are Not Alone.” In addition, Kusama’s current Twitter location says, “With a new fren…guess who?” The SHIB community is now puzzling over whether the mysterious announcement could have to do with a new partnership or the launch of Shibarium, a layer 2 solution.

As recently as Christmas Eve, Kusama tweeted that Shibarium will be released very soon, emphasizing the importance of next year for the project:

Happy Holidays to more than half the world. Wen Shibarium? Please know it will come very soon*, but not during a crucial time for people to spend with their family (or the resulting New Years party time). Enjoy these next days, next year is an important one for humanity.

Therefore, probably the hottest bet for the mysterious announcement could be Shibarium. The Shiba Inu community is currently eagerly anticipating its launch. Shibarium is a layer-2 blockchain solution for Shiba Inu that targets Ethereum’s high transaction cost and low transaction speed problem.

The goal of the layer-2 blockchain is to lay the groundwork for building the Shiba Inu ecosystem, which will consist of a metaverse, a DEX, and blockchain games. Shibarium has been in development for quite some time.

Another developer, Trophias, put the brakes on the release recently. He said that Shibarium needs more time because the launch has to be done carefully.

On the other hand, the SHIB community speculates that the announcement could be a new partnership with another blockchain company. However, there are no conclusive indications as to who the company could be.

Shiba Inu (SHIB) Price Caught In Downtrend

A new boost for the Shiba Inu price would be a welcoming gift for investors in the meme coin. Since the beginning of the bear market, SHIB has lost about 90% of its value. The all-time high was $0.00008819 and was reached on October 28, 2021.

The deep fall of Shiba Inu also happened despite the fact that the token enjoys very high popularity. As Binance made public on December 19, SHIB is one of the top 3 most watched crypto assets on the exchange in 2022, alongside Bitcoin and Ethereum.

However, even the recent announcement of the Shiba Inu lead developer has not been able to move the price. Within the last 24 hours, SHIB is posting a marginal gain of 0.04%, and over the last seven days, a loss of 1.1%. The trading volume is down to $59 million in the last 24 hours, an 8% drop from the previous day.

A look at the 4-hour chart of SHIB reveals that the token has been stagnating in a sideways trend since mid-November, trending slightly lower. Just last week, SHIB marked a 6-month low at $0.00000794.

Shiba Inu SHIB USD 2022-12-27

The 1-week chart also paints a dark picture and reveals the massive crash in the Shiba Inu price. To build momentum, the $0.00001029 resistance would be key.

SHIB USD 2022-12-27