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.
👀🚀With leading combined social + market activity vs. the entire crypto market, Shiba Inu has hit the #1 LunarCrush AltRank™!— LunarCrush (@LunarCrush) August 5, 2023
Price +12.22% to $0.000009853
Social engagements 200,365,743https://t.co/94gyL5ebDg$shib #shibainu pic.twitter.com/H0FGLSx8Um
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.
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As reported, 3.30 trillion SHIB were withdrawn from known crypto exchanges in the past month of July.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.
"Things are well for sure. Wild, insane. Fantastic"— KURO🐾SHIBARMY JPN🇯🇵 (@kuro_9696_9696) August 5, 2023
"The real praise goes to the most high, and to the unending support of the entire army."
"now we march towards the new era"#SHIB #Shibarium#SummerOfShibarium 🌞🌊🏖🌴 pic.twitter.com/lPyDGtLLxD
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.
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.