The Shiba Army has a new gathering place on Telegram. The new group launched with anti-bot features, while the old discussions will remain frozen. The SHIBA BONE OFFICIAL Telegram group is dedicated to ShibaSwap trading and the Shibarium ecosystem. 

The Telegram group requires verification to prevent bots, and has more than 5,000 members since its launch. 

The news arrives as Shiba Inu (SHIB) is on the verge of becoming a top 10 token again. SHIB benefitted from several trends in meme tokens and is seen as a close alternative to Dogecoin. The Shiba Inu project provides additional benefits with its Shibarium blockchain and various tokens for liquidity and decentralized trading. 

SHIB market prices also benefit from regular token burns, which have helped the token “eat” more zeroes in the past. Currently, SHIB is a more mature asset, and a 10X is harder to pull off, but additional assets and rewards aim to compensate. 

HOURLY SHIB UPDATE$SHIB Price: $0.00002167 (1hr 0.01% ▲ | 24hr -4.19% ▼ )Market Cap: $12,786,628,050 (-4.02% ▼)Total Supply: 589,273,635,446,512TOKENS BURNTPast 24Hrs: 12,955,936 (-57.36% ▼)Past 7 Days: 131,902,240 (8.56% ▲)

— Shibburn (@shibburn) May 13, 2024

Token burns of SHIB come from fees, as well as from community projects, including NFT collections or gamified burns. The goal is to limit the SHIB supply and potentially drive scarcity. 

SHIB Benefits from Shibarium Hard Fork

Almost two weeks passed since a Shibarium upgrade, with improved speed and low fees. The use of Shibarium also affects BONE, one of the main staking tokens in the Shiba Inu ecosystem. 

BONE owners can move the asset from Ethereum to the Shibarium blockchain for improved speed and lower fees. BONE currently trades at a much higher valuation of $0.55, and has nearly 100K holders on Ethereum. 

The token also exists as Shibarium Wrapped BONE, with just above 2,000 wallets with it. BONE is currently close to its lower range but has rallied close to $2 every few months in the past years. BONE’s performance adds to the ShibaInu exposure and helps retain the community of investors. 

Shiba Inu Aims for Growth by Holding and Token Burns

The Shiba Inu community has shown a readiness to wait out bear markets and avoid selling to improve the performance of all tokens in the ecosystem. Shiba Inu relies on holding various ratios of SHIB, BONE, LEASH, and TREAT. The meme ecosystem also ties up with NFT collections and aims to draw in play-to-earn games as well. 

1. Shiba Eternity Play-to-Earn game is coming to #Shibarium.2. You can earn $TREAT ( @treatsforShib )tokens for playing the game. Remember not launched yet! 3. To earn in the game, you will need #Shiboshis ( @shiboshisworld )4. $SHEB, associated with Sheboshis, plays a…

— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO (@LucieSHIB) May 8, 2024

In late April, Shiba Inu drew attention with its TREAT token, which will have a greater role in the coming months. TREAT is currently trading at $0.0008 and is building up liquidity on UniSwap and ShibaSwap. 

ShibaSwap Aims to Revive Inflows

While SHIB remains a highly active token, the native ShibaSwap is trying to grow TVL and lock more liquidity. The exchange currently carries around $23.2M, but suffers from stagnant inflows. BONE liquidity is around 3.48M, generating $1.18M in daily activity. 

The ShibaSwap exchange still manages to draw in $1.4M in annual fees, but has yet to achieve organic growth. Shiba Inu is also proactive in removing bots, hence the low organic activity on ShibaSwap. In 2024, the newly launched Telegram group is also trying to boost engagement and bring back trading.

BONE tokens are key for reviving decentralized trading and making ShibaSwap more important among DeFi projects. BONE is also key to network security, as it can be locked for block production.

Shiba Inu Among the Safest Projects

The Shiba Inu code is nearly three years old, and is among the safest decentralized projects. Regarding meme tokens, not all are made equal, and some hold significant risk. 

Shiba Inu is one of the few meme projects regularly audited by Certik, with the latest checkup being in February. According to Certik, the Shiba Inu platform has a 92.36% security score, which verifies technical issues as well as the community and operations. SHIB remains a good alternative to being exposed to meme-based trading while avoiding rug pulls or unverified tokens. 

Certik has focused on the ShibaSwap smart contracts, ensuring safety for liquidity providers. The given score puts Shiba Inu and ShibaSwap among the top 10% of safest and most transparent blockchain startups.

According to U.Today, Shibarium, a Layer-2 blockchain solution for the Shiba Inu community, has seen a significant increase in transaction fees. Over the past 24 hours, there has been a 267% increase, as indicated by data from Shibariumscan. The gas commissions paid in BONE, the native token of the Shiba Inu ecosystem, have risen from 11.57 BONE to 30.98 BONE.

This surge in fees is likely due to increased network activity, possibly driven by heightened interest in Shiba Inu tokens amid recent market fluctuations. As investors look to take advantage of opportunities within the ecosystem, transaction volumes on the Shibarium network have increased, leading to higher transaction fees.

BONE plays a vital role in the Shiba Inu ecosystem. Besides covering transaction fees on the Shibarium network, each transaction involving BONE contributes to the burning of SHIB tokens. A portion of the BONE transaction fee is converted into SHIB tokens and sent to a dead wallet, thereby reducing the overall token supply and potentially increasing scarcity.

This spike in transaction fees raises important questions about the future direction of the Shiba Inu network and its associated tokens. It remains to be seen whether this surge in fees indicates sustained growth in activity within the Shiba Inu ecosystem and how Shibarium plans to handle the growing demand while maintaining efficiency and scalability. Moreover, in the face of broader market uncertainties, especially prevailing bearish sentiments, the implications for SHIB and BONE are of particular interest to investors.

Shiba Inu (SHIB) is advancing its network push as its latest partner, K9 DAO, has made an important network announcement. The digital currency project has now landed K9 as a top validator with a focus on the PuppyNet testnet.

Shiba Inu and security boost

Shiba Inu started as a meme coin, however, it has evolved in the past year to become a highly watched proof-of-stake (PoS) protocol. Through Shibarium, the project is looking to revolutionize the smart contracts ecosystem on Ethereum. 

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As shared earlier by the project, it onboarded K9 Finance DAO as one of its validators. The launch of a validator on PuppyNet marks one of the first attempts by K9 to contribute actively to Shiba Inu’s security. 

⚙️ Development Update ⚙️✅Validator Live on PuppyNet Check it out 👇👇https://t.co/yf0ekeeScL pic.twitter.com/x3P6m5ZQp7

— K9 Finance DAO (@K9finance) May 12, 2024

PuppyNet is a testing ground for the Shibarium protocol. It helps developers to validate the functionality of updates, products and any innovation they want to upload on the mainnet. Per the update shared, running the validator is a mutually beneficial update for both Shiba Inu and K9 Finance DAO.

While K9 will help keep Shiba Inu secured, the massive SHIB community will also give enhanced visibility to the K9 project. Overall, K9 Finance will be able to distribute BONE rewards to KNINE holders, returning value to its native supporters.

Shiba Inu and strategic partnerships

Shiba Inu is touted as a major project that can establish itself as a top 10 token. Thus far, the project has maintained its building strategy. At the moment, it has inked strategic partnerships with Bad Idea AI to bring AI capabilities into the ecosystem.

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It remains unknown what the roadmap for this partnership is; however, the protocol has expanded its influence with a linkup with SBI VC Trade, a firm that is driving SHIB adoption through community-driven products and incentive products.

Amid this growing ecosystem of partners, the community is cautioned to stay vigilant for scammers, who might take advantage of the trend.

The Shiba Inu community is buzzing with excitement after a groundbreaking announcement by the SHIB team. For the first time ever, community members will engage with the team behind the meme coin's social media account. This event will provide updates on the ecosystem's developments and insights into Shiba Inu's early days. On May 9, the team announced an exclusive event on X (formerly Twitter) where the individual behind the popular Shib Token X account will share stories about Shiba Inu's history and its anonymous creator, Ryoshi. This event signifies a historic moment in the Shiba Inu ecosystem, fostering transparency and closer connections within the community. The event, hosted by K9 Finance DAO, featured a Q&A session with the Shib token speaker, who discussed the community-centric approach of Shiba Inu and its progress within the Shibarium ecosystem. Read more AI-generated news on: https://app.chaingpt.org/news

According to U.Today, the Shiba Inu community has been issued a critical warning amidst significant upcoming developments in the cryptocurrency. The warning comes from the Shiba Inu focused handle 'Shibarmy Scam Alerts', which has identified fraudulent schemes targeting SHIB holders. The alert points to an increasing trend of scam activities on platforms such as Telegram, where scammers impersonate legitimate Shiba Inu channels and create fake Treat token accounts.

'Shibarmy Scam Alerts' has reported that these impersonators and scammers create accounts to provide misleading information, direct users to fake websites, or obtain personal information for malicious use. In light of this, the Shiba Inu community is advised to ensure they are interacting with official representatives and to be aware that no one from the Shiba Inu team will ever approach them via private messaging, request wallet synchronization, or ask for personal information.

Meanwhile, the Shiba Inu community is eagerly anticipating a series of major developments. These include the upcoming Shiba Eternity play-to-earn version on Shibarium and the forthcoming TREAT token, which promise to significantly expand the SHIB ecosystem and provide new avenues for utility and growth. Shiba Inu DEX ShibaSwap was recently integrated into Shibarium, which completed its hard forks in the past week. These advancements through hard forks and technical improvements are expected to drive future blockchain technology innovations and developments.

The SHIB community is also speculating about potential partnerships that could enhance SHIB's utility. Shiba Inu lead Shytoshi Kusama recently shared an 'Evita' teaser, further fueling anticipation for announcements that could potentially drive an increase in SHIB value and usage.

CoinGate, a fintech company from Lithuania, has expanded the utility of Shiba Inu (SHIB) by integrating it with Polygon and Binance Smart Chain (BSC). This integration enables SHIB holders to make purchases from major brands like Nike and book services such as Airbnb. Acting as a payment gateway, CoinGate bridges the gap between cryptocurrency and traditional finance, facilitating digital asset transactions for goods and services. The inclusion of SHIB tokens on these platforms increases accessibility and opens up various opportunities for SHIB holders to engage in real-world transactions. Additionally, Shiba Inu is moving beyond its meme coin origins by introducing Shibarium, an Ethereum layer-2 scaling solution, and completing a major hard fork to enhance blockchain efficiency. Despite recent advancements, the price of SHIB has been consolidating, with potential for both an increase to $0.00002558 or a decrease to $0.00002080. Read more AI-generated news on: https://app.chaingpt.org/news

Shibarium, the Layer-2 blockchain solution catering to the Shiba Inu community, has experienced a significant surge in transaction fees, marking a notable 267% increase over the past 24 hours. Data sourced from Shibariumscan indicates a substantial rise in gas commissions paid in BONE, the native token of the Shiba Inu ecosystem, from 11.57 BONE to 30.98 BONE.

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This surge in fees can be attributed to heightened network activity, likely spurred by increased interest in Shiba Inu tokens amid recent market fluctuations. As investors seek to capitalize on opportunities within the ecosystem, transaction volumes on the Shibarium network have surged, resulting in elevated transaction fees.

Source: ShibariumscanWhat is Shiba Inu's BONE?

For those who don't know, BONE serves a crucial role within the Shiba Inu ecosystem. Apart from covering transaction fees on the Shibarium network, each transaction involving BONE contributes to the burning of SHIB tokens.

A portion of the BONE transaction fee is converted into SHIB tokens and sent to the dead wallet, thereby reducing the overall token supply and potentially increasing scarcity.

BONE to USD by CoinMarketCap

The implications of this spike in transaction fees prompt important considerations regarding the future trajectory of Shiba Inu's network and its associated tokens.

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Questions arise regarding whether this surge in fees indicates sustained growth in activity within the Shiba Inu ecosystem and how Shibarium plans to address the growing demand while ensuring continued efficiency and scalability.

Furthermore, amid broader market uncertainties, particularly with prevailing bearish sentiments, the implications for SHIB and BONE are of particular interest to investors.

The Shiba Inu community is buzzing with excitement after a groundbreaking announcement by the SHIB team. For the first time ever, community members will engage with the team behind the meme coin's social media account. This event will provide updates on the ecosystem's developments and insights into Shiba Inu's early days. On May 9, the team announced an exclusive event on X (formerly Twitter) where the individual behind the popular Shib Token X account will share stories about Shiba Inu's history and its anonymous creator, Ryoshi. This event signifies a historic moment in the Shiba Inu ecosystem, fostering transparency and closer connections within the community. The event, hosted by K9 Finance DAO, featured a Q&A session with the Shib token speaker, who discussed the community-centric approach of Shiba Inu and its progress within the Shibarium ecosystem. Read more AI-generated news on: https://app.chaingpt.org/news

The Shiba Inu community faces an urgent alert as exciting developments in the cryptocurrency landscape unfold. “Shibarmy Scam Alerts,” a handle dedicated to protecting SHIB holders, has issued a critical warning about fraudulent activities aimed at the community.

Scammers, often impersonating official channels on platforms such as Telegram and X, create fake accounts to disseminate deceptive information, lure users to fraudulent websites, and gather personal details for malicious purposes.

These impersonators have particularly targeted Treat token accounts, posing significant risks to unsuspecting SHIB enthusiasts.

The alert from “Shibarmy Scam Alerts” emphasizes that no official team member will contact users through private messages, request wallet synchronization, or ask for sensitive personal data.

As anticipation mounts, the Shiba Inu ecosystem is gearing up for major advancements.

The introduction of the Shiba Eternity play-to-earn version on Shibarium and the upcoming launch of the TREAT token are set to expand the ecosystem’s reach and utility significantly.

These developments promise to enhance adoption, scalability, and usability, heralding a new era for blockchain technology and decentralized finance (DeFi).

READ MORE: Bitcoin Rebounds to $63,000 Amidst Surging Liquidity Over $100 Million

Recent integrations and technical upgrades, such as the ShibaSwap DEX’s integration into Shibarium and the successful completion of recent hard forks, underline the continuous improvements within the Shiba Inu framework.

Additionally, the community’s excitement is palpable, with Shiba Inu’s social dominance witnessing a significant surge of 46,339%.

The backdrop is ripe with speculation about potential partnerships that could further augment SHIB’s utility and market position.

Amidst this growing excitement, Shiba Inu lead Shytoshi Kusama tantalized the community with an “Evita” teaser, sparking discussions and anticipation about what lies ahead.

Overall, while the Shiba Inu community is on the brink of potentially transformative advancements, vigilance against scams is paramount to safeguard the interests and security of its members.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

The Shiba Inu community has been alerted to a critical warning as the cryptocurrency faces significant upcoming developments. This cautionary advice comes at a time when the SHIB ecosystem is poised for growth, yet also vulnerable to the machinations of bad actors.

Shiba Inu focused X handle "Shibarmy Scam Alerts" sends an alert to the SHIB community, highlighting fraudulent schemes that target SHIB holders.

The warning points to a disturbing trend of scam activities proliferating on platforms like Telegram and X, where scammers impersonate legitimate Shiba Inu channels. In this regard, "Shibarmy Scam Alerts" have identified certain fake Treat token accounts on X. 

🚨SHIBARMY WARNING:🚨Telegram GroupsWhy can't you people just create token names of your own why do you have to you use ours and confuse people , REAL TALK!!!Impersonators/Scammers who often create accounts so they can provide misleading information to create doubt,… pic.twitter.com/tdSkZCYI9H

— Shibarmy Scam Alerts (@susbarium) May 10, 2024

According to "Shibarmy Scam Alerts," impersonators and scammers have gone ahead to create accounts to provide deceptive information, misdirect users to fake websites, or gain personal information that would be used maliciously. 

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In this light, the Shiba Inu community should always make sure they are connected to official persons, and they should be aware that no one from the Shiba Inu team will ever approach them via private messaging, request wallet synchronization, or ask for personal information. 

Anticipation builds for major developments

Excitement continues to build in the Shiba Inu community as the project gears up for a series of major developments. From the upcoming Shiba Eternity play-to-earn version on Shibarium to the forthcoming TREAT token, the SHIB ecosystem is poised for significant expansion, promising new avenues for utility and growth.

Shiba Inu DEX ShibaSwap was recently integrated into Shibarium, which completed its hard forks in the past week. 

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Shibarium's advancements through hard forks and technical improvements bode well for future blockchain technology innovations and developments. SHIB intends to use these developments to increase adoption, scalability and usability, ushering in a new era of DeFi and blockchain-based apps.

Furthermore, speculations abound regarding potential partnerships that could boost SHIB's utility. In the week, Shiba Inu lead Shytoshi Kusama shared an epic "Evita" teaser. In this backdrop of anticipation, the community eagerly awaits announcements that might potentially drive an increase in SHIB value and usage. 

Popular meme coin explorer Shibburn has spread the word about a massive increase in the burn rate of Shiba Inu, the second-largest meme cryptocurrency by market capitalization value.

In the meantime, the SHIB price has demonstrated a significant increase overnight. SHIB grew by almost 6% earlier today. However, the growth was dented by a tiny decline. At press time, Shiba Inu is trading at $0.00002347.

SHIB burns skyrocket by thousands of percent

The above-mentioned source has shared data about a tremendous rise in the SHIB burn rate within the last 24 hours. This worth-watching metric has soared by more than 5,673% since yesterday morning.

This signifies the destruction of 26,430,838 SHIB in total. The largest single burn here constituted 24,176,493 SHIB 22 hours ago, with the second biggest one moving 1,000,000 SHIB meme coins to an unspendable blockchain wallet. In fiat currency, this is evaluated merely at approximately $569.

Thus, the percentage increase of the burn rate has comprised 5,803.56%.

Image via Shibburn

An increase in the burn rate metric close enough to this one was observed only once earlier this week – it was Monday, and Shibburn showed a rise of 4,085%, with 81,649,878 SHIB taken out of circulation on that day.

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Shytoshi Kusama makes epic cryptic statement

A few days ago, the mysterious lead of the Shiba Inu developer team, Shytoshi Kusama, published a cryptic tweet that contained just one word, “evita,” meaning “life” or “a living one” in Spanish, as covered in an earlier U.Today report.

A top software developer of SHIB, Kaal Dhairya, supported Kusama by posting the same message without offering a single comment or explanation for the community about it. The SHIB army went abuzz after this, starting to propose various explanations, including one that assumes the launch of a new token within the Shiba Inu ecosystem coming soon. Neither Kusama nor Dhairya responded to those speculations, though.

Some within the SHIB community believe that the mysterious tweets of Shytoshi and Kaal may refer to the recently performed Shibarium hard fork, a major update that went live last week on the layer-2 blockchain built by the SHIB team.

The hard fork unlocked higher-tier possibilities for Shibarium, such as enhancing the speed of transactions and making gas fees “predictable for everyone.”

TL;DR

Despite a recent 20% weekly decline, analysts forecast a significant rally for Shiba Inu, driven by positive technical indicators.

A sharp increase in SHIB’s burn rate, enhancements to its Shibarium layer-2 platform, and other elements are seen as bullish signals for its future price.

Where is SHIB Headed?

The popular meme coin – Shiba Inu (SHIB) – has underperformed lately, with its price plunging by 20% on a monthly scale. For its part, the market capitalization has retraced below $13.5 billion.

However, the negative trends don’t seem a big concern for many analysts who believe SHIB is poised for a bull run. 

One example is the X user with almost 100,000 followers – Del Crxpto. He claimed to know “what’s coming” in the future and as such, jumping on the SHIB bandwagon as an investor:

“I know the future, I know what’s coming for SHIB. I will not share this information, as I do not want to tarnish my SHIB relationships. However, I will tell you this: I am accumulating $SHIB .”

Another popular analyst who entered Shiba Inu’s ecosystem is Ali Martinez. He argued that the asset’s price trajectory has been “forming a bull flag” on a daily chart, raising hopes for a 300% rally.

Rekt Capital and CRYPTO SHERIFF chipped in, too. The former noted that SHIB’s value has reached the same level as the one from early 2022. The trader assumed that the price might skyrocket by triple digits should it cross the critical resistance level of $0.00002741.

CRYPTO SHERIFF suggested that a “breakout” has already happened, forecasting a 350% rally in the near future.

Observing These Important Factors

Several elements hint that a SHIB price explosion might indeed be on the horizon. The burn rate, which skyrocketed by over 4,000% a few days ago, is among those. The program’s ultimate goal is to reduce the multi-trillion supply of Shiba Inu, making it scarcer and potentially more valuable in time.

The further development of Shibarium should also be mentioned. The meme coin’s layer-2 scaling solution recently underwent two major upgrades, aiming to improve user experience and enhance compatibility with popular wallets, including MetaMask, Coinbase Wallet, and Trust Wallet. 

Meanwhile, SHIB exchange netflow has been predominantly negative in the past seven days, signaling a shift from centralized platforms to self-custody wallets. Such a move is considered bullish since it reduces the immediate selling pressure.

SHIB Exchange Netflow, Source: CryptoQuant

 

 

The post Top Shiba Inu Price Predictions to Watch as These SHIB Metrics Take off appeared first on CryptoPotato.

Shiba Inu, a popular meme coin, has once again captured the spotlight in the cryptocurrency world with an extraordinary 5500% increase in its burn rate. As reported today, nearly 26 million SHIB coins have been destroyed, generating considerable optimism about the token's future price movements.
Exploring the Impact of the Burn Rate Surge
The significant increase in Shiba Inu's burn rate was detailed by the tracker Shibburn, which noted that 25.93 million SHIB had been removed from circulation. This massive reduction in supply is seen as a bullish signal that could potentially drive the price of SHIB upwards. Currently, Shiba Inu's total supply stands at 589.27 trillion coins, with a remarkable 410.72 trillion tokens already burned to date.
Market Response to Shiba Inu’s Recent Activities
Following this burn event, SHIB's price has shown positive momentum, aligning with the uptick in burn activity. At the time of writing, the price of Shiba Inu has risen by 1.89% over the past 24 hours, trading at $0.00002336. This recent price increase is further supported by a slight surge in open interest for SHIB, which is up by 2.21%, indicating growing investor interest.
Key Players and Future Expectations
CoinGape Media highlighted that the major burn transactions were primarily attributed to a single wallet address, with other smaller transactions following. Etherscan data reveals that one of these addresses burned 1 million SHIB today and still holds over 17 million SHIB, suggesting the possibility of future burns that could further impact the market.
Broader Market Trends and Shiba Inu’s Position
As the VanEck meme coin index, which includes SHIB, recently reported a 195% increase, Shiba Inu's market actions are under keen observation. The community surrounding Shiba Inu has been active, contributing to ecosystem developments that may bolster the token’s long-term value.
Conclusion
The dramatic increase in Shiba Inu’s burn rate combined with favorable market conditions and community support suggests that SHIB may be gearing up for a rally. However, as with any investment, especially in the highly volatile crypto market, potential investors should approach with caution, keeping an eye on market trends and further developments within the Shiba Inu ecosystem.
$SHIB #Shiba #Shibarium

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According to U.Today, Shiba Inu's marketing lead, Lucie, recently revealed the original purpose behind the creation of the BONE token on the X platform. Initially, SHIB founder Ryoshi intended BONE to be a reward token for SHIB holders. However, the token's purpose was later altered to facilitate SHIB burns using Shibarium, Shiba Inu's layer-2 solution. Lucie did not disclose whether this decision was made before or after Ryoshi's departure from the project in May 2022. Currently, BONE tokens are used to power transactions on Shibarium, serving as a means for paying gas fees. Lucie emphasized the importance of each token playing its unique role in the Shibarium ecosystem.

In other news, Ripple's Chief Legal Officer (CLO), Stuart Alderoty, hinted at an imminent resolution to the Ripple v. SEC case. This follows the regulatory agency's filing of its redacted remedies reply brief and supporting exhibits. Alderoty criticized the SEC for failing to 'faithfully apply the law' and attempting to mislead the judge overseeing the case. He also accused the agency of disrespecting financial regulators outside the U.S. Despite these criticisms, Alderoty expressed optimism about the resolution of the Ripple case, stating that the company is 'closer than ever' to concluding the lawsuit.

Lastly, Bitcoin supporter Max Keiser made a bullish prediction for the Bitcoin price in a recent X post. Keiser reiterated his 'Bitcoin to $220,000' prediction, citing a 'demand shock meets supply shock' as the reason for this potential outcome. He also predicted the arrival of a 'God candle' on the Bitcoin chart, which he believes will drive the price to his predicted level. At the time of writing, Bitcoin was trading at $62,032, a decrease of less than 1% over the past 24 hours.