The popular memecoin Shiba Inu has reclaimed its position as the 15th largest cryptocurrency by market capitalization. With a notable surge of 13.6% in the past 24 hours, the bullish momentum of the canine coin can be attributed to the growing rate of Shiba Inu (SHIB) token burns.
The SHIB Army community has successfully burned approximately 341 million SHIB tokens in just five transactions within a single day.
This impressive burn rate comes close to last week’s total of 377 million SHIB tokens burned, demonstrating the commitment of SHIB holders.
As of now, SHIB is trading at $0.00000832, as reported by CoinMarketCap. The coin has managed to bounce back above a crucial support level of $0.000008, benefitting from Bitcoin’s surge past $30,000 following BlackRock’s announcement of its first Bitcoin ETF filing.
Alongside Shiba Inu, Shibarium’s gas fee token Bone ShibaSwap (BONE) has also experienced a positive boost, recording a 9% daily gain and trading at $0.8329, according to CoinGecko.
Analyzing the on-chain signals provided by IntoTheBlock, both SHIB and BONE show a strongly bullish signal known as “In The Money.” However, the data reveals a discrepancy in profitability among holders, with 42% of BONE holders making a profit compared to only 14% of SHIB holders currently in profit.
When it comes to net network growth, both SHIB and BONE exhibit similar patterns, slightly leaning towards a bearish sentiment. The only neutral real-time on-chain signal observed is concentration, which typically increases during Ethereum whale buying activity.
