The Shiba Inu (SHIB) coin has even surpassed the top 10 established cryptocurrencies this week and a solid increase of 15% that has caught the attention of the cryptocurrency community.
The remarkable rise in the price of SHIB is closely related to its current burn rate, which has experienced a significant uptick in the past 24 hours.
Based on the Shibburn dataa total of 111,799,146 SHIB tokens have undergone combustion leading to a significant 57% increase as per the most recent update.
Shiba Inu gets price increase due to burn rate
During the week, SHIB’s burn rate showed a steady upward trend, closely following the favorable price trajectory.
The consistent pattern observed indicates the possibility of a steady and continuous rise in the price of the asset over an extended period of time. This can be attributed to the natural expansion of trading volume within the Shiba Inu ecosystem.
SHIB burn rate. Source: Shibburn
Amidst the current market trends, SHIB is demonstrating its ability to transcend its origins as a meme coin by showing resilience, as evidenced by a significant price increase of 9.2% in the past 24 hours, taking its value to $0.00000940.
SHIB weekend price action. Source: Coingecko
In comparison, Bitcoin was trading at $29,383, a measly 0.1% in the past 24 hours, while managing to gain 1.3% in the past seven days, data from the crypto market tracking site Coingecko shows, Sunday.
BTC weekend price action. Source: Coingecko
The current increase in value represents a remarkable achievement for SHIB as it has shown continued development over the past week.
Shibarium launch also brings a big price increase
In addition, the upcoming release of Shibarium, a Layer-2 protocol with advanced functionality built on the Ethereum network, adds to the heightened anticipation and price increase for SHIB.
SHIB market cap at $6.2 billion in the weekly chart: TradingView.com
Meanwhile, data obtained from Coinglass provides a convincing representation of a remarkable increase in outstanding interest observed on Binance’s SHIB futures market.
The current increase has shown a tremendous growth rate, with an increase of almost 100% in just one month.
The substantial increase in SHIB’s outstanding interest and market capitalization indicates significant capital inflows. The historical context is interesting as it often corresponds to instances of Bitcoin price swings.
SHIB and its correlation with Bitcoin
Over the course of SHIB’s existence, there have been approximately seven instances where outstanding interest passed the important $100 million milestone. Significantly, each of these instances coincided with fluctuations in the valuation of the alpha crypto, Bitcoin.
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