Home / Altcoins / Shiba Inu ($SHIB) Outperforms Bitcoin Price Rise, Bringing 40% of Tokens into Profit
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Shiba Inu ($SHIB) Outperforms Bitcoin Price Rise, Bringing 40% of Tokens into Profit

Last Updated June 26, 2023 10:50 AM
Teuta Franjkovic
Last Updated June 26, 2023 10:50 AM
Key Takeaways
  • Recovery in SHIB prices causes 18.58 trillion tokens to become profitable
  • Following the adjustment in SHIB’s price, 28 billion moved to the top exchanges
  • The Shiba Inu team debuted a fascinating IRL feature SHIBACALS

In a turn of events, the price rise of the Shiba Inu token, SHIB caused an astounding amount of tokens to reach their break-even point finally. According to recent market data analysis , on June 19, over a trillion Shiba Inu directly recovered their original value as a result of the most recent price rise.

Outperforming Biggest Cryptocurrencies

The price of the meme-inspired cryptocurrency increased by about 12% during the last few days, according to data from the cryptocurrency market , while Bitcoin, the industry leader, increased by 2.7% during the same time period, and Ethereum lost 0.6% of its value.

Data suggests a critical turning point for investors holding SHIB as the coin’s price keeps rising. The extent and significance of the recent rise are shown by the fact that over a trillion SHIB tokens have switched from losses to profits.

The surge has increased by an incredible 12.4% in just the last week, bringing 18.58 trillion SHIB tokens into profit.

Shibarium For Improving SHIB Ecosystem

The cryptocurrency community has become very intrigued by the implications of this rise and the huge quantity of coins that have passed their break-even point. The reasons for SHIB’s recent success are of great interest to observers, who are also interested in whether this rising trend can continue.

The digital token’s resilience in the face of recent regulatory obstacles speaks volumes about the potential and growing trust in this meme coin. Despite the market’s volatility, cryptocurrencies have developed a devoted following of supporters who are optimistic about their long-term prospects and fight to support them through token burns and their own layer-2 network, Shibarium.

The layer-2 Shibarium native test network of the Shiba Inu, known as Puppynet, has amassed a remarkable total of more than 20 million transactions, coming from an estimated 16 million wallets. This significant accomplishment reflects the network’s consistent progress toward a wider rollout planned for the upcoming months.

Shibarium is a turning point for the Shiba Inu ecosystem, whose token is currently supported by the Ethereum network, which has limitations in terms of scalability and transaction throughput despite being a highly secure and decentralized blockchain.

According to recent research by Santiment , numerous important cryptocurrencies, including $XRP, $ADA from Cardano, and the Shiba Inu cryptocurrency, which was inspired by a meme, may be undervalued, which would indicate a chance for a rebound during the summer.

SHIBACALS – IRL Version of SHIB Ecosystem

The Shiba Inu team recently revealed SHIBACALS β€”an element of the Shiba Inu ecosystem that exists in real life. The feature aims to take SHIB outside of the digital space. Following Shytoshi Kusama, the principal developer, Lucie, the official content marketing professional for the Shiba ecosystem, highlighted the new feature.

Shibacals goes into more detail about the $1 billion NFT market.

According to the official website :

β€œShibacals is here to add that extra sparkle to your community by transforming your digital NFTs into authenticated, high-quality, adorable physical items like toys, plushies, or whatever your community desires!”

The ecosystem, according to the official, is more than simply a digital phenomenon; it’s also a community that feeds on in-person encounters, which is why it has this new function.

Few days ago the physical studio was announced and that might be one of the reasons of this Shiba Inu significant price rise.

28 Billion SHIB Transferred To the Top Exchanges

Data recently released by Etherscan  indicates that significant transactions of Shiba Inu meme coins were observed less than an 24 hours ago. Overall, five trades totaling 27.6 billion Shiba Inu were shoveled. The biggest SHIB lump that was transferred here was 10 billion SHIB. According to Etherscan, anonymous wallets transferred almost 17 billion Shiba Inus to addresses connected to Binance and Coinbase, the two biggest cryptocurrency exchanges.

To a Coinbase 10 wallet, a total of 6,039,968,812 SHIB were sent. An unidentified whale transferred 9,988,799,999 SHIB to the Binance 14 wallet.

These two Shiba Inu pieces appear to have been transported by their owners for sale. However, according to the aforementioned data source, more SHIB was purchased.

Through Jump Trading, 1,140,690,612 SHIB were purchased on Binance. The Binance 14 wallet sent 6,039,968,812 SHIB in total to an unidentified address. Shiba Inu meme coins worth 4,569,4490,905 were transferred from one unidentified address to another.

Shiba Inu were the subject of two big transfers last week, each of which involved the transfer of 3,811,233,843,288 SHIB from an anonymous address to a brand-new wallet.

SHIB Price and Burn Rate Rise

Over the past 24 hours, according to data shared by Shirburn  recently, the burn rate of SHIB rose by over 1,000% with a total of 15,487,160 SHIB canine coins destroyed.

Gradually, the SHIB community keeps burning these meme tokens, pushing them to dead wallets and out of circulation. The ultimate goal is to reduce the circulating supply substantially in order to achieve a level of scarcity for Shiba Inu, which would enable a massive price risee.

By now, according to the Shibburn site, the community has managed to remove 410,649,295,177,809 SHIB from the market and lock them in unspendable wallets.

The overall amount of SHIB circulating out there now stands at 578,992,139,474,471 SHIB. Aside from that, 10,358,565,347,719 SHIB are currently locked in staking protocols.