Crypto investors continue to experience dull days in most altcoins. However, there are exceptions, and Shiba Coin is one of them. As the second-largest meme coin, Shiba Inu has managed to regain investors’ interest in recent days. Although for a short period, it removed one zero from its price and continues to find buyers near resistance levels.
Shiba Coin News
Shiba Inu achieved a significant milestone, according to the announcement by the social analytics platform LunarCrush. The latest news was about Shiba Coin taking the first place among 4880 altcoins. The popular meme coin’s achievement is attributed to the impressive increase in social volume. Typically, a social volume increase for a meme coin leads to a price surge, and the same happened here. The price climbed up to $0.00001, significantly distancing itself from the yearly low.
According to Santiment, SHIB gained 51% in less than four weeks, while the exchange supply remained low. In fact, we can even say that the exchange supply hit its lowest level in the past six months. A lower supply on exchanges indicates weakened sellers.
Shiba Coin Commentary
In July, a massive 3.3 trillion SHIB was withdrawn from popular cryptocurrency exchanges. On the other hand, the SHIB team has made significant strides in their own layer2 solution, surpassing all other meme coins in terms of presenting their products. Today, Dogecoin and other competitors are still struggling to create alternatives to their products.
Shytoshi Kusama, the leader of Shiba Inu, mentioned that Shiba Inu is entering a new era and thanked the community for their unwavering support. This statement alone was enough to excite Shiba Coin bulls. In the short term, if the $0.0000096-95 region remains intact, upward tests are likely to continue. The initial target appears to be around $0.000012.
So, what about Shiba Coin burns? According to Shibburn, 304,764,835 SHIB tokens were burned in 154 transactions in the past seven days. In the last 24 hours alone, a total of 37,551,405 SHIB tokens were burned in 22 transactions. If Shibarium receives similar attention during the testnet phase, experts believe that monthly burns could reach $40 million.
