Hold onto your hats, crypto fans, because Shiba Inu (SHIB) has been tearing up the charts today, October 9th, as one of the top-performing cryptocurrencies! While most digital coins are enjoying a mild upward swing, SHIB is leading the pack with a dazzling 4% increase in just 24 hours, strutting its stuff at around $0.00001786. And if that doesn’t have you wagging your tail, its value has soared by a whopping 40% over the past month, thanks to a mini bull run at September's end.
What's adding to SHIB's charm? A dip in exchange reserves is pointing to a trend of users moving away from centralized platforms, favoring self-custody methods. This shift is a bullish sign as it decreases immediate selling pressure—talk about a win for the hodlers!
But wait, there’s more! SHIB’s burn rate has skyrocketed over 400% in the last day, with nearly 3 million tokens sent to a black hole. While the dollar value of these tokens might not make your eyes pop, these burning efforts could make SHIB rarer and potentially more valuable, assuming demand holds steady or even grows.
And here's a fun tidbit: big transactions (we’re talking over $100,000) are on the rise, with a 5.5% daily jump. It’s like a neon sign flashing ‘bullish' for SHIB!
On the tech side, Shiba Inu's layer-2 blockchain solution, Shibarium, could give SHIB another boost. While it’s had its ups and downs lately, with daily transactions taking a bit of a dip, Shibarium aims to rev up Shiba Inu’s growth by enhancing scalability, slashing transaction fees, and speeding things up. Keep an eye on its progress because this could be a game-changer for the meme coin's future.
So, whether you're a SHIB superfan or a crypto curious bystander, this is one pup you’ll want to keep on your radar!
