Shiba Inu Remains Steady, Despite Major Market Activity

Shiba Inu, the popular meme-inspired token, continues to trade at a steady range, despite major activity in the market over the past two weeks. As of this writing, Shiba Inu (SHIB) is valued at a price of $0.00001123, tallying a 3.4% increase in the past two weeks, according to data from CoinGecko.

Timeline of Shiba-inu

Shibarium, the layer 2 blockchain designed to address the shortcomings of the SHIB token's host chain Ethereum, namely low speed and high transaction cost, is witnessing an initial surge in adoption as users explore and test its capabilities on testnet “puppynet”.

The price of the meme-inspired cryptocurrency Shiba Inu ($SHIB) has been underperforming other blue-chip digital assets, even at a time in which token burns for it have kept on growing dramatically, leaving some in its community disappointed.

Data from the Ethereum blockchain has revealed that the recently launched Koyo token project has moved forward with a major burn of the meme-inspired cryptocurrency Shiba Inu ($SHIB), helping its burn rate skyrocket. According to the data, first spotted by users on the microblogging platform Twitter, Koyo burned an astounding 1.

SHIB Price Prediction: The ongoing consolidation in Shiba Inu price revealed the formation of an ascending triangle pattern in the daily time frame chart. This pattern is one of the famous bullish continuation patterns that offer a significant upswing upon the breakout of its neckline resistance.

Despite the strong increase in SHIB burn numbers in recent weeks, the Shiba Inu price is currently lagging behind the expectations of the community. While SHIB burn numbers are already very high in the first half of April, March 2023 was the strongest month since October 2022.

The Shiba Inu (SHIB) token burn rate has experienced a staggering 30,000% increase after a massive 1.5 billion SHIB tokens were burned recently. This unexpected spike in the burn rate comes amid a recovering cryptocurrency market and could be an indication of a resurgence in network activity.

Shiba Inu-related address sent nearly 1.5 billion SHIB tokens to the dead wallet address on Friday, marking one of the largest single transaction burns recorded in the history of SHIB burn. The latest burn came from Koyo Token, decentralized finance (DeFi) project on the ShibaSwapDEX.

The 19th biggest Shiba Inu (CRYPTO: SHIB) whale has purchased a staggering 171.68 billion SHIB, worth a total of $1.88 million, through four separate transactions. What Happened: The buying spree kicked off on Thursday with a purchase of 38.83 billion SHIB, worth $426,407, from the Binance-associated wallet “Binance 14,” according to Etherscan.io.

Shiba Inu's Shibarium testnet has been on a steady growth trajectory, with exciting new milestones being achieved. The recent breakthrough of over 3 million wallets and a surge in Open Interest and Funding Rates have sparked anticipation of a possible SHIB price surge, making it a promising opportunity for investors seeking profitable returns.

A massive whale in the ecosystem of the meme-inspired cryptocurrency Shiba Inu ($SHIB) has expanded its portfolio to nearly 5 trillion tokens after adding an additional 171.68 billion SHIB for around $1.88 million through four different transactions.