{"id":15827,"date":"2024-10-23T08:24:39","date_gmt":"2024-10-23T08:24:39","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=15827"},"modified":"2024-10-23T08:24:39","modified_gmt":"2024-10-23T08:24:39","slug":"key-shibarium-metric-skyrockets-by-1300-is-shiba-inu-shib-preparing-for-price-rally","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=15827","title":{"rendered":"Key Shibarium Metric Skyrockets by 1,300%: Is Shiba Inu (SHIB) Preparing for Price Rally?"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

Shibarium has seen a comeback, with daily transactions and active accounts soaring to substantial levels.
\nShiba Inu\u2019s burn rate has exploded by nearly 7,000%, which reduces supply and could drive up value, while the current RSI suggests the token is approaching oversold levels, hinting at a potential buying opportunity.<\/p>\n

<\/a><\/span><\/h2>\n

Shibarium\u2019s Revival<\/h2>\n

Shiba Inu\u2019s layer-2 blockchain solution has significantly stalled its progress over the past several months. However, there has been an evident resurgence in the last few days, with some <\/span>important<\/span> indicators rising to early 2024 levels.<\/span><\/p>\n

Data <\/span>shows<\/span><\/a> that daily transactions on the protocol reached almost 1.8 million on October 22, representing a 1,300% daily increase. Active accounts have also headed north, hitting a one-year high of over 26,000 yesterday.<\/span><\/p>\n

Shibarium improves the scalability and transaction efficiency of the Shiba Inu ecosystem, allowing more users to adopt the platform for decentralized applications. <\/span>This<\/span> might increase the demand for SHIB as a utility token, <\/span>hence<\/span> boosting its price.\u00a0<\/span><\/p>\n

In addition, the protocol\u2019s impressive comeback may boost confidence in the meme coin project, attracting new investors and a subsequent fresh flow of capital. For more updates on the ecosystem, check out our <\/span>Shibarium news page<\/span><\/a>.<\/span><\/p>\n

Meanwhile, Shiba Inu\u2019s price is slightly <\/span>in the<\/span> red today (October 23), with its market capitalization plunging below $11 billion. On the other hand, the meme coin remains well in the green on a monthly scale, registering a 22% spike.<\/span><\/p>\n

<\/a>SHIB Price, Source: CoinGecko<\/p>\n

2 Additional Bullish Factors<\/span><\/h2>\n

Shiba Inu\u2019s burning mechanism also indicates that SHIB\u2019s price may pump in the short term. According to the latest data, the burn rate has <\/span>exploded<\/span><\/a> by almost 7,000% in the past 24 hours, resulting in more than 27 million tokens sent to a null address.<\/span><\/p>\n

The program <\/span>is designed<\/span> to create deflationary pressure on the meme coin, aiming for a gradual value appreciation as the supply reduces (assuming demand stays the same or rises).<\/span><\/p>\n

Last <\/span>but not least<\/span>, we will touch upon the SHIB Relative Strength Index, which measures the speed and change of price movements. The momentum oscillator varies from 0 to 100, with readings below 30 suggesting that the asset is oversold and signaling a possible buying opportunity. Currently, the RSI is <\/span>hovering<\/span><\/a> slightly above that bullish mark.<\/span><\/p>\n

The post Key Shibarium Metric Skyrockets by 1,300%: Is Shiba Inu (SHIB) Preparing for Price Rally?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Shibarium has seen a comeback, with daily transactions and active accounts soaring to substantial levels. Shiba Inu\u2019s burn rate has exploded by nearly 7,000%, which reduces supply and could drive up value, while the current RSI suggests the token is approaching oversold levels, hinting at a potential buying opportunity. Shibarium\u2019s Revival Shiba Inu\u2019s layer-2 […]<\/p>\n","protected":false},"author":0,"featured_media":15828,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-15827","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/15827"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15827"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/15827\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/15828"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15827"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15827"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15827"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}