According to U.Today, Shibarium, the blockchain platform of Shiba Inu, has experienced a significant surge in activity. The number of new accounts on the network has risen by 3,436% within a span of 24 hours. Shibariumscan data reveals that the number of new accounts escalated from 30 to 1,031 overnight, indicating a substantial increase in user engagement.

This surge comes in the wake of concerns about Shibarium's declining activity and attention. However, the rapid change within a single day has shifted this narrative. Alongside the rise in new accounts, the transaction volume on the Shibarium network also saw an increase, growing from 4,751 to 8,527 transactions, representing an 80% increase in transaction activity over the same period.

If we consider the figure of active accounts for the period in question, it grew by 1,243 accounts per day. This suggests that all transaction activity on Shibarium was provided by new users. The reason behind such a significant surge in blockchain activity from Shiba Inu remains an open question. However, it is likely based on the momentum of the price of SHIB, a popular meme-inspired cryptocurrency, which has been rising by almost 5% since the opening of a new daily candle on its chart.

Typically, activity on the network precedes the price movements of related tokens. However, in the case of Shiba Inu, the opposite appears to be happening. This spike in user engagement and transaction volume could indicate a new phase of growth for Shibarium. The coming days will be crucial in determining whether this increase represents a sustainable trend or a temporary anomaly.

Shytoshi Kusama, a lead voice within the Shiba Inu ecosystem, has hinted at an upcoming project in response to recent comments made by Ethereum founder Vitalik Buterin. The latter criticized the current trend of celebrity tokens, such as Iggy Azalea's MOTHER, which recently gained significant attention on Solana. 

He called for these projects to provide real value beyond financial gain and have a lasting impact.

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Buterin explained that successful crypto projects should serve a public good, include engaging elements and ensure that participants feel positive about their involvement, even if the financial returns are negligible. 

Kusama responded to this criticism by suggesting that Shiba Inu's upcoming initiative is closely aligned with these principles and is planned on a much larger scale than existing celebrity tokens.

Couldn't be better timing. Walking into a meeting now to close exactly this. Well, almost exactly- we are thinking much bigger than this and on a massive scale. I'll show this to the team for validation. Thanks Woofmeister. :) @VitalikButerin https://t.co/Y4luBnR1OE

— Shytoshi Kusama™ (@ShytoshiKusama) June 5, 2024

SHIB is not a funny token, is it?

Originally known as a meme cryptocurrency, Shiba Inu has been working to establish itself as a serious project. Developments such as the Layer 2, Shibarium, and the SHIB Eternity game reflect this broader ambition. Kusama's recent comments suggest that the Shiba Inu team is preparing to launch a new initiative that could significantly advance these efforts.

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The SHIB community is now, for sure, eagerly awaiting more details about Shiba Inu's upcoming project. Kusama's comments suggest that it may address the sustainability and ethical considerations highlighted by Buterin.

Whether Shiba Inu's new initiative will set a new benchmark for crypto projects remains to be seen, but it may mark an important moment in the evolution of the meme coin sector.

According to Odaily, DaVinci, a member and developer of the Shibarium team, has issued a warning to the Shibarium community about malicious activities involving the circulation of counterfeit TREAT tokens online. DaVinci cautioned investors, speculators, and the Shibarium community that although the counterfeit token shares the same name with a real token still under development by the Shibarium team, the official TREAT token has not yet been officially launched.

DaVinci made it clear that all TREAT tokens currently on the market have no connection with Shibarium's official development. He further explained that the malicious actors are using the official shib.io address in their online posts, making their counterfeit tokens appear official and thereby misleading users. The developer urged the community to stay vigilant and avoid falling victim to these fraudulent activities.

The Shiba Inu (SHIB) burn rate is again under the radar following a drastic decline in the number of tokens burned. This development is significant considering the impact that these token burns are known to have on the meme coin. 

Shiba Inu Burn Rate Crashes By Over 99%

Data from the burn tracking website Shibburn shows that Shiba Inu’s burn rate has declined by 99.44% in the last 24 hours. Only 120,888 Shiba Inu tokens have been burned during this period, which is way low compared to the over 21 million tokens that were burned the previous day. 

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The instability in the number of Shiba Inu tokens burned daily continues to be a problem for the meme coin’s ecosystem. This issue is believed to be mainly due to the significant drop in the number of daily transactions on the Shibarium network. The layer-2 network is known to have contributed largely to the 76 billion Shiba Inu tokens that were burned last year.  

However, Shibarium hasn’t had much impact on these token burns since the start of the year with its daily transactions dropping from millions recorded last year to just a few thousand transactions as of late. This development has hindered the network from deploying a part of the transaction fees earned to Shiba Inu burns like it did last year. 

Meanwhile, while Shiba Inu’s burn rate has dropped by over 99%, a positive takeaway is that it has increased by almost 15% in the last seven days. This is undoubtedly a welcome development that members of the Shiba Inu community will be glad about. However, the focus remains on sustaining this trend, given the positive impact it could have on Shiba Inu’s price, especially heading into the latter stages of the bull run.

SHIB Price Remains Unaffected

Shiba Inu’s price is currently on an upward trend despite the decline in the burn rate. Data from CoinMarketCap shows that the meme coin is up over 8% in the last 24 hours. Shiba Inu’s trading volume is also up by over 7% in the last 24 hours, signaling investors’ bullish sentiment towards the meme coin.

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On-chain metrics also paint a bullish picture for the meme coin. Data from the market intelligence platform IntoTheBlock shows that Shiba Inu whales have been accumulating the meme coin in the last few days. Specifically, on-chain analytics platform SpotOnChain revealed a whale that just recently acquired 149.3 SHIB tokens

Meanwhile, the Shiba Inu ecosystem has experienced notable network growth, suggesting that new crypto investors are rotating their capital to the meme coin. Shiba Inu will likely continue to record an increased demand, with meme coins projected as one of the leading narratives in this bull run. 

SHIB price struggles to hold up | Source: SHIBUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

Source: NewsBTC.com

The post Shiba Inu Burn Rate Flatlines With 99% Crash, End Of The Road For SHIB? appeared first on Crypto Breaking News.

According to U.Today, Shytoshi Kusama, the enigmatic leader of the Shiba Inu team, known within the SHIB community, has reappeared on social media after a period of inactivity. Kusama revealed that his absence was due to a trip to the Middle East, where he had an 'incredible time meeting and understanding the culture of my cousin.' His tweet was accompanied by the hashtags #shibarmystrong and #inshallah, suggesting that he had been visiting a Muslim country or countries.

During his absence, Kusama's activity on social media was primarily limited to reposting tweets from other users. However, he did post a bullish tweet on May 29, when the SHIB price surged by over 19% within 24 hours. The Shiba Inu community has recently been engaged in a wave of tweets mocking renowned investor Warren Buffett, a well-known critic of Bitcoin. This followed a technical glitch that caused the share price of Buffett's investment fund, Berkshire Hathaway, to appear to plummet by nearly 100%.

The glitch affected the Hathaway A-Class shares, which fell from $624,400 to $185.10 per share, along with the share prices of 40 other assets on the NYSE. Lucie, the official marketing leader of Shiba Inu, shared a screenshot of a tweet, seemingly from Warren Buffett’s account, where he stated: 'Fudge fudders! Shibarium will win!' Lucie clarified in the comments that this was a joke. Notable figures in the cryptocurrency community, including U.S. whistleblower Edward Snowden and tech billionaire Elon Musk, also responded to the news about Buffett's company. Snowden commented, 'Bitcoin fixes this,' while Musk shared a tweet with a fake post by Buffett, urging Berkshire Hathaway investors to 'hodl' the company's shares. 'Hodl' is a popular meme in the cryptocurrency space, originating from a misspelling of the word 'hold.' It refers to holding onto crypto, refusing to sell it, regardless of market behavior, and has since evolved into an acronym meaning 'hold on for dear life.'

TL;DR

Shiba Inu (SHIB) surged by 10% on June 5, with a significant spike in whale activity.

The rally could also be attributed to the meme coin’s burning mechanism and advancements in Shibarium.

SHIB on the Move Again

The cryptocurrency market has been flourishing today (June 5), with Shiba Inu (SHIB) being one of the best performers. Its price pumped by 10% on a 24-hour scale, currently trading at approximately $0.00002612 (per CoinGecko’s data).

SHIB Price, Source: CoinGecko

Its resurgence coincides with the spike in major indicators related to the Shiba Inu ecosystem. IntoTheBlock data shows that SHIB aggregated daily volume (where each transaction is greater than $100K) increased to almost $135 million. The figure represents a 99% jump compared to the one observed on June 4.

SHIB’s latest revival benefited investors—quite naturally. As of now, 65% of all HODLers are sitting on paper profits, while whales control 73% of the circulating supply.

The situation was much different in September last year, when around 90% of all SHIB investors were underwater.

What Might be Driving the Rally?

SHIB’s resurgence could have been partially fueled by the meme coin’s burning mechanism and the further advancement of the layer-2 scaling solution – Shibarium. The burn rate exploded by over 10,000% on June 4, while almost 370 million tokens were destroyed throughout the last month. 

The program’s ultimate goal is to reduce the circulating supply of SHIB, thereby increasing scarcity. The process may potentially lead to a rise in the token’s value over time, assuming demand remains constant or goes up. 

For its part, Shibarium blasted through another milestone at the end of May when the total blocks processed on the network exceeded the five million mark. The protocol was officially introduced last summer and aims to foster the development of the Shiba Inu ecosystem by lowering transaction fees, improving speed, and boosting scalability. 

Last but not least, we will touch upon SHIB’s exchange netflow. In the past few days, outflows have surpassed inflows, suggesting a shift from centralized platforms toward self-custody methods. This is considered bullish since it reduces the immediate selling pressure.

SHIB Exchange Netflow, Source: CryptoQuant

The post Important Shiba Inu Metric Soars by 100% Amid SHIB Price Rally: Details appeared first on CryptoPotato.

Shytoshi Kusama teases a new Shiba Inu project aligned with Vitalik Buterin’s ethical crypto principles.

Shiba Inu evolves beyond memes with developments like Layer 2 and Shibarium.

SHIB community eagerly anticipates details of Shytoshi Kusama’s upcoming initiative

Shytoshi Kusama, a figure in the Shiba Inu ecosystem, hinted at a forthcoming initiative in reaction to Vitalik Buterin’s criticism of celebrity tokens. Buterin’s recent comments were directed towards tokens such as Iggy Azalea’s MOTHER, which recently gained

Couldn't be better timing. Walking into a meeting now to close exactly this. Well, almost exactly- we are thinking much bigger than this and on a massive scale. I'll show this to the team for validation. Thanks Woofmeister. @VitalikButerin https://t.co/Y4luBnR1OE

— Shytoshi Kusama (@ShytoshiKusama) June 5, 2024

Principles of Ethical Crypto Projects

According to Buterin, even if there aren’t many financial gains, a successful cryptocurrency project should have compelling components, benefit the public, and make users feel good about their participation. 

Kusama’s response suggests Shiba Inu’s new initiative will align with Buterin’s principles, aiming for sustainability and broader positive impacts beyond just financial returns. This move signifies a shift for SHIB from its meme origins to a more serious venture.

Additionally, developments like Layer 2, Shibarium, and the SHIB Eternity game underline Shiba Inu’s evolution towards a substantive project, signalling a departure from its meme-centric beginnings.

Anticipation Builds Within the SHIB Community

Kusama’s remarks have sparked anticipation within the SHIB community, eagerly awaiting further details about the upcoming project. Based on Kusama’s remarks, it might potentially tackle the ethical and sustainable issues that Buterin brought out.

It remains to be seen if Shiba Inu’s new attempt will establish a new standard for cryptocurrency initiatives, but it could represent a significant turning point in the development of the meme coin industry. 

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Coinbase Added Kusama (KSM) Support Into Its Platform

The post SHIB’s Shytoshi Kusama Responds to Vitalik Buterin’s Critique appeared first on Crypto News Land.

Coinspeaker Shiba Inu (SHIB) Makes New Rebound Play on 3,894% Burn Rate Surge

Amidst the rising whale buying wave, Shiba Inu (SHIB) burn rate is up by 3894%. Insights provided by Shibburn, the platform dedicated to tracking the incineration of SHIB tokens, noted that the ecosystem saw an impressive burn rate of 3894.73%, cutting off the supply of a total of 4,829,147 SHIB in the last 24 hours. 

This latest incineration brings the total SHIB burnt from the initial supply to 410,726,517,255,505 SHIB tokens. 

Whale Activity Meets SHIB Token Burn

Notably, the largest contribution to the burn was from one wallet address identified as “0xc55….” This user transferred 4.03 million SHIB tokens to a dead wallet in a single transaction. This huge transaction and the other smaller token incineration that were registered on the Shiba Inu ecosystem reflect the SHIB Army’s commitment to slashing the circulating supply of the popular meme coin. 

HOURLY SHIB UPDATE$SHIB Price: $0.00002571 (1hr -0.55% ▼ | 24hr -0.27% ▼ )Market Cap: $15,145,455,839 (0.25% ▲)Total Supply: 589,273,482,744,494

TOKENS BURNTPast 24Hrs: 4,829,147 (3894.73% ▲)Past 7 Days: 42,861,129 (25.1% ▲)

— Shibburn (@shibburn) June 6, 2024

The massive burn is happening at the same time that two whales entered a buying frenzy and purchased over $35 million worth of SHIB. Similarly, nine SHIB whale wallets collectively spent $35.2 million on the acquisition of 1.356 trillion SHIB at an average price of $0.00002596 in the past 24 hours. 

While the occurrence of these events may or may not be coincidental, they are likely to revive hope of an impending SHIB rally amongst traders. The enthusiasm within the crypto community resulting from the surge in SHIB token burning has been noted by observers.

Historically, the reduction of the overall supply of Shiba Inu in circulation has contributed to enhancing the token’s value. With this latest upsurge, there is an expectation from investors that a price surge will be recorded in due course. 

Can Shiba Inu Reach Its ATH of $0.00008845?

At the time of this writing, Shiba Inu is down by 2.52% and is trading at $0.00002557. In the last 24 hours, there have been significant fluctuations in the price of the digital asset but its current position still reflects the resilience of the meme coin. 

Shiba Inu has maintained support at the $0.000025 level for the longest time and trading above this level, coupled with the increasing whale activity, could see the meme coin climb to $0.00003 in no time.

This does not negate that the $0.00003 level is way below the $0.00008845 all-time high (ATH) that Shiba Inu attained in October 2021. In the long run, whale activities and further token burn may push the coin towards surpassing this ATH.

Meanwhile, Shiba Inu is trying to curtail the prevalence of fraudulent activities within its ecosystem. The team behind the Shiba Inu project identified the attack of some bad actors on the Layer-2 scaling solution Shibarium. This outlook led the team to urge users to exercise serious caution in all their dealings with the platform at this moment.

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Shiba Inu (SHIB) Makes New Rebound Play on 3,894% Burn Rate Surge

Shytoshi Kusama hints at potential Shiba Inu partnerships in the Middle East, sparking community excitement.

Speculation arises about Shiba Inu’s potential integration with regional exchanges and firms.

Shibarium development could be a focus of Shytoshi Kusama’s Middle East trip, addressing Ethereum scalability.

Shytoshi Kusama, the lead developer of Shiba Inu (SHIB), has ignited excitement within the crypto community following his recent trip to the Middle East. His social media post, expressing admiration for the region’s culture and hinting at potential collaborations, has sparked speculation about significant developments for the meme coin.

On my way out the Middle East and it has been an incredible time meeting and understanding the culture of my cousins. #love #inshallah #shibarmystrong

— Shytoshi Kusama™ (@ShytoshiKusama) June 4, 2024

This message has led to discussion among the Shib Army about potential partnerships or new use cases for Shiba Inu in the Middle East.

Kusama’s reference to “cousins” and the use of the Arabic phrase “inshallah” (God willing) suggest a possible connection with the Middle Eastern crypto community. This has led to conjecture about partnerships with regional exchanges, investment firms, or government entities. However, no official announcements have been made.

Moreover, Kusama’s trip could relate to the ongoing development of Shibarium, the layer 2 scaling solution for Shiba Inu. Shibarium aims to address the scalability issues faced by the Ethereum network upon which SHIB is currently built. This advancement could mark a significant step in Shiba Inu’s technological advancement.

Shytoshi and the Shiba Inu development team’s participation in Token2049 in Dubai earlier this year may have set the stage for this recent visit. The conference, a major international gathering for the crypto and blockchain industry, offered a platform for networking, deal-making, and forging strategic partnerships. 

#SHIB Shiba Inu raises $12 million for TREAT token, funding privacy-focused Layer 3 blockchain development.Shytoshi Kusama announces the deal during Token2049, sparking crypto community excitement.TREAT token serves as utility/governance for Layer 3 blockchain on Shibarium, and… pic.twitter.com/Y8xB1awt3X

— Canadian Jennifer 🇨🇦 (@cdntradegrljenn) April 23, 2024

It is possible that the team initiated discussions and explored potential collaborations during the event. This latest trip could be focused on solidifying those relationships and finalizing agreements. Currently, Shiba Inu is trading at $0.00002615, experiencing a 9.71% increase in the past 24 hours.

The Middle East with its growing interest in cryptocurrency and blockchain technology, presents a significant opportunity for Shiba Inu to expand its reach. Shiba Inu could further solidify its position as a global contender in the crypto sphere by establishing a strong regional presence.

The post Shiba Inu Price Jumps as Lead Developer Hints at Middle East Deals appeared first on Coin Edition.

Amid the ongoing memecoin crazy a massive cryptocurrency investor has recently started heavily accumulating Shiba Inu ($SHIB ), pouring millions onto the meme-inspired cryptocurrency to accumulate billions of tokens.

That’s according to on-chain analysis service Lookonchain, which noted that a successful SHIB investor who has in the past made more than $120 million worth the meme-inspired cryptocurrency has now spent 4,849 ETH worth $18.44 million to buy 715.9 billion SHIB.

The trader, according to the service, has in the past spent $400,000 to buy 5.5 trillion SHIB, which were then subsequently sold for around $121 million over two peaks.

A $SHIB super big winner is buying $SHIB crazily, spending 4,849 $ETH($18.44M) to buy 715.9B $SHIB in the past 6 hours.This guy spent only ~$400K to buy 5.5T $SHIB in the early stage and sold for ~$121M at 2 peaks.He made more than $120M on $SHIB before, an amazing gain!😱… pic.twitter.com/iREp5jfj75

— Lookonchain (@lookonchain) June 5, 2024

The buying frenzy wasn’t a single act. The whale strategically executed a series of purchases, starting with 149.3 billion SHIB for $3.83 million, followed by a swift addition of 173 billion SHIB. Within a three-hour window, the entity gobbled up a total of 323 billion SHIB tokens, spending an additional $8.29 million.

Beyond the whale’s actions, the Shiba Inu ecosystem itself has witnessed significant developments that likely fueled the token’s recent price rise. Shibarium, the Layer-2 scaling solution, has seen notable progress this year, enhancing the network’s capacity to handle a higher volume of transactions efficiently.

Furthermore, the Shibdentity initiative promises a new era of digital identity, while the recently launched Sheboshis NFT collection boasting 20,000 digital avatars on the Ethereum blockchain adds another layer to the Shiba Inu universe.

Further bolstering the ecosystem’s prospects, Shiba Inu secured a $12 million funding round from heavyweights like Polygon Ventures, Mechanism Capital, and Animoca Brands, earmarked for the development of a privacy-focused Layer-3 blockchain. The integration of the Shibaswap decentralized exchange with Shibarium signifies another step towards a more robust and comprehensive ecosystem.

As reported, these developments help SHIB briefly overtake Cardano to become a top 10 cryptocurrency by market capitalization.

Featured image via Unsplash

With meme coins creating buzz all year, whales have doubled down on accumulating these tokens.

One such whale has been massively accumulating Shiba Inu (SHIB) tokens, spending 4,849 ETH, worth around $18.44 million, to purchase a whopping 715.9 billion SHIB over the span of just six hours.

This is an extraordinary buying spree, even for this particular investor, who has been incredibly successful with SHIB in the past.

SHIB Accumulation Spree

According to Lookonchain’s analysis, this same trader had previously spent only around $400,000 to acquire 5.5 trillion SHIB tokens early on. They then sold those holdings at two separate peak points for a combined total of approximately $121 million – netting them over $120 million in profits from their initial SHIB investment.

The latest accumulation suggests the trader may be positioning for another speculative run on the popular meme coin after already achieving amazing gains.

A whale made a series of massive purchases of Shiba Inu tokens. Initially, they acquired 149.3 billion SHIB by spending around 1,000 wrapped Ethereum (WETH) worth $3.83 million. The whale continued accumulating and bought an additional 173 billion SHIB soon after. In a three-hour span, the entity exchanged a total of 2,188 WETH, valued at $8.29 million, to amass 323 billion SHIB tokens.

Amidst increasing accumulation, SHIB was trading at $0.000025, up by almost 9% over the past 24 hours.

Shiba Inu Ecosystem Surges with Key Developments

The Shiba Inu ecosystem has seen several significant developments that likely contributed to the token’s price surge. Shibarium, the Layer-2 scaling solution, made notable advancements this year, improving the network’s capacity to handle a higher transaction volume while maintaining efficiency.

Additionally, the Shibdentity initiative introduced a new digital identity era, while the Sheboshis NFT collection of 20,000 digital avatars launched on Ethereum.

Further bolstering the ecosystem, Shiba Inu announced a $12 million funding round from key players such as Polygon Ventures, Mechanism Capital, and Animoca Brands, to develop a privacy-focused Layer-3 blockchain.

The integration of the Shibaswap decentralized exchange with Shibarium also took place in May 2024, expanding the ecosystem’s capabilities and reach.

The whale’s latest purchase came amid SHIB’s price resurgence over the past day as the asset jumped by 6% alongside the rest of the market.

The post This Whale Bets Big on Shiba Inu as SHIB Price Spiked by 6% Daily appeared first on CryptoPotato.

SHIB’s daily transactions surged by 99%, exceeding $135 million, signaling heightened investor activity.

A burn rate exceeding 10,000% on June 4 removed about 370 million SHIB tokens from circulation, potentially boosting the token’s value.

Shibarium, processing over five million blocks by May’s end, has enhanced SHIB’s transaction speed, reduced fees, and improved scalability since its summer launch.

Shiba Inu (SHIB) has witnessed a significant surge in its price today, marking a notable 10% increase and positioning itself among the leading altcoins in the current market climate. 

Latest data indicates that SHIB is now trading at around $0.00002612 per token. This surge coincides with a substantial rise in transaction volume, with SHIB’s daily transactions surpassing $135 million, representing a remarkable 99% surge compared to the previous day. Concurrently, the coin’s price has surged by over 6%, indicating a growing interest among investors.

This surge in transaction volume suggests a notable increase in whale activity within the SHIB ecosystem, signaling substantial transactions and heightened involvement from major investors. This resurgence has led to positive returns for many investors, with a significant portion now finding themselves in profitable positions. Notably, approximately 73% of SHIB’s circulating supply is currently under the control of these influential market players.

The recent price rally in SHIB can be attributed to several key factors propelling momentum within the ecosystem. The token burn mechanism has experienced heightened activity, with an exceptionally high burn rate recorded on June 4th. This activity resulted in the removal of approximately 370 million SHIB tokens from circulation last month alone, effectively reducing the token’s supply and potentially enhancing its long-term value.

Furthermore, the ongoing development of Shibarium, a Layer-2 scaling solution aimed at enhancing the Shiba Inu ecosystem, has played a crucial role in bolstering investor sentiment. With over five million blocks processed by the end of May, Shibarium has significantly improved transaction speeds, reduced fees, and enhanced overall scalability since its launch last summer.

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Solana Surpasses Expectations with 40M Daily Transactions

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The post Shiba Inu Soars: Daily Transactions Hit $135M, Price Surges appeared first on Crypto News Land.