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SHIB Might End Week in Gains as Core Metrics Turn Bullish

Fri, 08/11/2023 - 08:44
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Godfrey Benjamin
Shiba Inu notches positive growth as Shibarium launch draws closer
SHIB Might End Week in Gains as Core Metrics Turn Bullish
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The week is gradually coming to an end, and most altcoins are exploring ways to wriggle out of their protracted losses over the trailing seven-day period. Shiba Inu (SHIB) is one of these ambitious altcoins, having gained a small 2.73% to push its price to $0.000009984 at the time of writing. Shiba Inu growth metrics appear to be on a bullish rampage, with odds the meme coin will end the week with very high gains.

Shiba Inu (SHIB) Bull Run Easy to Explain With This Metric

SHIB Price Chart. Source: CoinMarketCap

More Shiba Inu metrics bordering on the burn rate of the SHIB token are also on the positive side. According to data from, a total of 63,567,363 SHIB tokens have been sent to dead wallets, representing a 1.27% surge overnight. The single largest burn transaction came in at 13.57 million SHIB tokens.

The culmination of these positive triggers appears as a major booster for the second largest meme coin, whose growth has been somewhat erratic as the community gradually awaits the launch of a new era that will be ushered in through Shibarium. The Shibarium Layer 2 network is a scaling solution built on Ethereum by the core Shiba Inu team led by Shytoshi Kusama.

The smart contract network will be launched in just about a week at the Blockchain Futurist Conference.

Shiba Inu Developer Activity Boosts SHIB by 25% as Network Grows: On-chain Data

More growth triggers for SHIB

In a bid to end the week on a positive note, Shiba Inu may also be drawing on the positive sentiment from the broader meme coin ecosystem, which appears to be highly bullish today. While the tokens in the SHIB ecosystem are wriggling away from their losses, other tokens like Dogecoin (DOGE) and PEPE coin (PEPE) have also been on a positive growth trajectory all week long.

In the coming days, we may see investors price in the Shibarium launch event, a move that may fuel a rapid surge in the price of SHIB to new highs.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.