- Shibburn reports a 4290% increase in SHIB burns over the last 24 hours.
- Shiba Inu ETF buzz on Twitter sparks a 10% run for SHIB to reclaim $0.00001.
- Derivatives on-chain data shows a 284% volume hike as most traders go long.
Shiba Inu (SHIB) is making waves in the cryptosphere, soaring past the confluent resistance of $0.00001. The initial breakthrough occurred at 10PM on Tuesday, and SHIB later sustained the price range several minutes past midnight.
First spotted by prominent SHIB community member SHIB Kind, the price spike comes after a nearly two-month hiatus. SHIB traded below $0.00001 since January 12, 2024, as the larger part of the community expected to see an automated burning system on Shibarium L2 to maintain the coin’s scarcity.
SHIB Burns See 4,290% Upswing, But There’s a Catch
While Shibariumโs auto-burning mechanism is still being tested on the โPuppynetโ testnet, the communityโs efforts account for 5,102,438 SHIB set ablaze in the last 24 hours in a single transaction.
However, burns in the millions of SHIB tokens are usually deemed insignificant by SHIB Army members on X and Reddit. According to estimates by community members, billions of tokens should be burned daily to erase more zeros from SHIBโs price.
Mixed On-Chain Signals Unveil the Next Hurdle
On the technical side, Shiba Inuโs large transactions and net network growth still havenโt lost the bearish grip. Besides, the neutral concentration metric reveals indecision between crypto whales and sharks in the price range.
Blockchain Derivatives stats tell a different story, with the volume soaring above $99 million in the last 24-hour timeframe. Shiba Inuโs Open Interest (OI) recorded a healthy 30% increase, while the long versus short positions on Derivatives point to 1.7933. Namely, OKX users are the most optimistic about Shiba Inuโs price trajectory, with the ratio standing at 2.34.
At press time, SHIB is changing hands at $0.0000104, according to CoinGecko. SHIB whipped up 10.6% gains in the last 24 hours, putting it 13% higher than where it was exactly 30 days ago.
While the on-chain signals paint a vivid picture of SHIBโs potential breakthrough, a lot depends on the new functionality of the Layer-2 Shibarium. Currently, the SHIB Army awaits the launch of the K9 Finance Liquid Staking Derivatives platform and the auto-burning mechanism of SHIB.
On the Flipside
- The combined Spot order liquidity book hints at many SHIB holders cashing out at the current price range, as the pending sells for SHIB heavily outweigh the pending buys.
- Rising by 50.80% in volume, SHIB’s combined order book now approaches $400 million, according to on-chain data by research platform CoinPaprika.
Why This Matters
Shiba Inuโs sustainable growth strategy with a self-sustaining Layer-2 scaling solution has put the memecoin in a different category than most memecurrencies with little to no utility besides trading.
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