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Shiba Inu (SHIB) Beats 4,480 Coins as Price Booms, Here's Why

Sun, 08/06/2023 - 09:15
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Tomiwabold Olajide
Shiba Inu (SHIB) surpasses 4,480 coins as price rally accelerates
Shiba Inu (SHIB) Beats 4,480 Coins as Price Booms, Here's Why
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Shiba Inu just accomplished a significant feat, which social analytics platform LunarCrush highlights. Shiba Inu has topped LunarCrush's AltRank, according to a tweet from the social analytics platform, with leading overall social and market activity when compared to the entire crypto market.

Notably, SHIB has outpaced 4,481 other coins in the crypto market, taking AltRank's first spot. The last 24 hours have been buzzing for Shiba Inu as it records a whopping 200,365,743 social engagements.

At the time of writing, SHIB was up 6% in the last 24 hours to $0.0000096 as its price boom accelerated.

Per on-chain analytics platform Santiment, SHIB has pumped 51% in just under four weeks as volume hits a six-month high while exchange supply stays low. Santiment reports Shiba Inu trading volume has surged to its highest level since Feb. 6, supporting the price rise.

36 Trillion Shiba Inu Remain Profitable for Active SHIB Addresses Amid Decline

The supply of SHIB on exchanges has fallen to 8.29%, the lowest level since April 2021, as Santiment highlighted in an image attached to its tweet.

As reported, 3.30 trillion SHIB were withdrawn from known crypto exchanges in the past month of July.

The move from exchanges might be bullish if the motive is a shift into cold storage, which suggests an intention to hold the cryptocurrency for a longer period in hopes that the price might further increase.

Santiment noted that it does not seem that hodlers are selling their SHIB, thus putting forward the more likely option of movement to cold storage.

Shiba Inu lead Shytoshi Kusama makes it known that Shiba Inu has marched into a new era while hailing the community for their unending support.

SHIB Might Spike to $0.01 Due to These Factors Besides Burning per Shibburn Business: Details

Also, Shiba Inu's burns remain steady. In the last seven days, according to Shibburn, 304,764,835 SHIB tokens were burned in 154 transactions. In the last 24 hours alone, a total of 37,551,405 SHIB tokens were burned in 22 transactions.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.