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Is Shiba Inu (SHIB) on the Verge of a Bull Rally? Closer Look At Important Metric
TL;DR
SHIB Supply Decreases on Exchanges: Shiba Inu’s (SHIB) supply on cryptocurrency exchanges has dropped from about 9% in June to 7.58% in December, suggesting a bullish outlook for its valuation.
Shibarium’s Transaction Milestones: Shibarium, Shiba Inu’s layer-2 solution, has seen record transaction volumes, reaching nearly 100 million transactions and over 2 million total blocks.
Strong Community Engagement: Shiba Inu is recognized as having the most devoted community among memecoins, surpassing Dogecoin and Bonk Inu.
Bullish News for Shiba Inu (SHIB)?
The popular memecoin Shiba Inu, which was on a tear during the bull run in 2021, keeps attracting investors’ interest.
According to blockchain analytics platform Santiment, SHIB supply on cryptocurrency exchanges has been on a significant decline lately, dropping to 7.58% on December 12. In comparison, that figure stood at almost 9% in June this year.
SHIB Supply on Exchanges, Source: Santiment
Less SHIB tokens on trading venues and moving toward self-custody methods is usually seen as a bullish move for the memecoin’s valuation as it eliminates immediate selling pressure. On the other hand, a growing percentage of SHIB supply on exchanges could mean the price is due for correction.
Shiba Inu’s Latest Achievements
Despite its price plunge in the past week, the memecoin blasted through several important milestones lately. Its layer-2 blockchain solution – Shibarium – has been hitting record daily transactions since the beginning of December, bringing the total number of transactions on the network to almost 100 million. In addition, total blocks surpassed the 2 million mark.
Shibarium is an important feature aiming to elevate Shiba Inu as a leader across the memecoin realm by improving speed and lowering transaction fees. Those curious to find out more about it could take a look at the video below:
Apart from Shibarium’s advancement, Shiba Inu made the headlines for another reason. The social media analytics tool LunarCrush determined that the asset has the most devoted community among memecoins. Dogecoin (DOGE) was second, while Bonk Inu (BONK) was third.
The post Is Shiba Inu (SHIB) on the Verge of a Bull Rally? Closer Look at Important Metric appeared first on CryptoPotato.
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The Rise of Meme Coins: Expected to Grow 100x Despite PEPE and SHIB Hurdles
PEPE has experienced losses in recent days, reversing much of November's gains. Amid the craze surrounding Shibarium, Shiba Inu (SHIB) has just reached a major milestone. With RichQuack (QUACK), token holders now have the opportunity to invest, grow, hold and win big on the stock market. Holders of PEPE are dissatisfied with the token’s recent performance, especially given the massive token burns. In addition to this, the Shiba Inu (SHIB) is experiencing a significant increase in online activity due to the growing interest in Shibarium. The RichQuack (QUACK) program does this by bringing together like-minded people who are willing to invest their time and make significant contributions toward achieving a common goal. With any luck, our project will one day become the go-to website for safe fundraising and investing, with jackpot draws to hold and lotteries with the highest payouts by the hour, day, week and month. PEPE’s performance in November was mixed Investors were unhappy with PEPE due to wild swings in November. As expectations for spot Bitcoin ETFs continue to grow, most cryptocurrency projects have experienced a positive climb. Over the past few days, PEPE has lost most of its early November gains. On the first day of November, PEPE was trading at $0.000001186. As of November 10, the price of PEPE has increased by 12.9% to $0.000001340. Nonetheless, PEPE fell to $0.000001070 on November 23, down 20.1%. Pepe's decline may be the result of reduced trading activity following the company's sharp decline in late August. Investor sentiment dropped sharply amid concerns that PEPE would topple them again. In an effort to improve investor sentiment towards the network, new employees were subjected to token burning. However, its performance in November suggests it is currently experiencing market challenges. Furthermore, experts predict that PEPE will increase by 28.0% to reach $0.000001370.
The Shiba Inu (SHIB) recently reached an important milestone. Since February 2021, the number of Shiba Inu wallets with balances has increased to 1.26 million, an increase of nearly 15,000%. Additionally, the Shiba Inu’s market value has increased by $800 million since mid-October.As predicted, SHIB’s value increased as activity on the Shiba Inu network increased. As of November 1st, SHIB’s market price was $0.000007954. Prior to November 23, SHIB’s value had increased slightly by 1.9% to $0.000008113. The bullish performance of the Shiba Inu (SHIB) has been attributed to various explanations from experts. Some believe investor sentiment in Shiba Inu has improved due to increased network activity on Shibarium. Others believe that the recent token burn conducted by the Shiba Inu team may have added value to SHIB. Regardless of the situation, the researchers concluded that if Shiba Inu continues to rise, it could become one of the most successful alternative cryptocurrencies. Furthermore, they expect SHIB to rise by 9.8% to reach $0.000008913. The rebel Satoshi Nakamoto invites you to join the fight against centralization. The total amount of QUACK is one hundred quadrillion, with seventeen zeros. Rich Quack follows the trend of other meme currencies, launching with extremely large supplies to attract retail buyers looking for smaller-cap currencies. Rich Quack chose not to do a pre-sale or assign a team to emphasize that the project is community-driven. In order to prevent users from becoming stronger, liquidity was frozen for 5 years. Half of it will be used immediately and the other half will be provided in cash. In addition, Rich Quack also promised that liquidity providers will receive half of the proceeds from the future Quack launch platform. Buyback and destruction account for 30%, and lottery account for 20%. Rich Quack is a BEP-20 token on Binance Smart Chain. Techrate is a recognized auditor in the cryptocurrency industry and has independently audited it. Binance Smart Chain (BSC) is the home of Rich Quack. It became the standard in the meme currency industry due to its lightning-fast transaction speeds and low fees. To reach unprecedented new heights, Rich Quack is focusing on attracting retail investors. The proof-of-stake consensus process ensures the security of BSC. Every 21 minutes, 21 people will be selected to verify transactions and ensure the security of the blockchain. The requirement for these validators to participate is to stake a specific amount of BNB coins to Binance.