19 Jan

Shiba Inu (SHIB) Soars 20% on Whale Activity & Shibarium Update

• Shiba Inu (SHIB) has seen a 20% price surge in the last 24 hours.
• This spike in price was likely caused by an increase in whale activity and the launch of the Shibarium update.
• The burn rate on the SHIB network spiked to 613%, with over 70 million SHIB tokens being burned.

The digital asset market has been on a roller coaster ride lately and the Shiba Inu (SHIB) token has been no exception. In the last 24 hours alone, SHIB has seen a massive 20% surge in its price, taking it beyond its previous barriers. The sudden price rally was unforeseen, as SHIB had been on a steady rise since January of this year.

The increased price has been accompanied by an increase in whale activity in the SHIB network. According to Shibburn, a platform that tracks burned SHIB tokens, the burn rate of SHIB tokens spiked to 613% with over 70 million SHIB tokens being burned in the process. This activity likely contributed to the sudden price surge as the whales were actively moving funds.

The launch of the Shibarium update is also likely to have been a factor in the increased price. Shibarium is a layer-2 scaling solution that anchors on Ethereum and is designed to power the Shiba Inu ecosystem. Upon the announcement of the Shibarium testnet, SHIB’s price gained 21% in the market. The Shibarium update is expected to offer users faster transactions, lower fees, and improved scalability, which could further contribute to the success of SHIB and its price.

At the moment, SHIB is showing no signs of reversing its price and is still on an upward trend. Whether or not the trend will continue is yet to be seen, but for now, it looks like SHIB is here to stay.