- Shiba Inu reclaims critical support in the latest rebound effort.
- SHIB Burn records 341,504,230 coins blazed in the last 24 hours.
- On-chain metrics deliver mixed signals for $SHIB & $BONE.
The popular memecoin Shiba Inu is back to its usual #15 spot by global market cap. Scoring 13.6% gains in the last 24 hours, the canine coin’s bullish run is largely ignited by the increased Shiba Inu (SHIB) burn rate.
Indeed, the community, popularly known as SHIB Army, managed to burn 341 million $SHIB in five transactions in one day. That’s close to last week’s total count of 377 million $SHIB tokens burned.
At press time, SHIB trades at $0.00000832, according to CoinGecko. Bouncing back a crucial support level of $0.000008, Shiba Inu got a powerful boost amid Bitcoin breaking through $30,000 after BlackRock’s inaugural Bitcoin ETF filing.
BONE & SHIB Fetch Gains Amid Mixed On-Chain Signals
While Shiba Inu regained its position in the TOP 15 by crypto global market capitalization, Shibarium’s gas fee token Bone ShibaSwap (BONE) also scooped up 9% daily gains to trade at $0.8329, according to CoinGecko.
However, the on-chain signals for $SHIB and $BONE provided by the blockchain data analytics platform IntoTheBlock point to the same strongly bullish signal – In The Money. While 42% of BONE holders are making a profit at this price, only 14% of $SHIB holders are currently in profit.
Both $SHIB and $BONE perform almost identically in net network growth, slightly on the bearish side. The only neutral real-time on-chain signals are concentration, which usually goes up during an Ethereum whale buying spree.
Large transactions are both coins’ most bearish on-chain signals in the Shiba Inu Ecosystem. For instance, Shiba Inu’s large transactions are on a 10.40% downward trend, indicating that whales haven’t been as active on the network.
On the Flipside
- Despite the ongoing bull run, Shiba Inu’s social media sentiment is 93.21% on the neutral side, according to LunarCrush.
- Only 2.17% of all posts regarding Shiba Inu in the last 24 hours were deemed bullish, while another 4.62% are bearish.
Why This Matters
Shiba Inu’s burn rate often indicates the community’s willingness to maintain the memecoin’s price.
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