Shiba Inu (SHIB) meme coin is on an upward trajectory, posting a 2.88% gain and reaching around $0.000007885, as per CoinMarketCap data.
A notable factor fueling this sustained positive momentum is a 22% spike in SHIB trading volume on the leading exchange, Binance.
Binance exchange witnessed SHIB trading volumes exceeding $37 million in the past 24 hours. Being one of the most liquid exchanges globally, this surge shows a robust growth in demand, hinting at further upward movement.
The overall spot volume also increased by over 30% to $189 million, with Binance’s activity constituting a significant portion. Several underlying factors contribute to the potential boost in SHIB’s value.
One such factor is the token’s burn rate, which aids in reducing the token supply and enhancing its scarcity. Despite recent price fluctuations, burn activity remains elevated.
The launch of the layer-2 scaling solution, Shibarium, in August, has further stimulated ecosystem development and the utility of SHIB.
Decentralized exchanges (DEX) built on this platform, such as MARSWAP and ChewySwap, have contributed to the creation of new demand.
Accumulation by large token holders (whales) and their propensity to hold SHIB tokens for the long term also provide stability and scarcity benefits, reinforcing SHIB’s upward trajectory.
With Shiba Inu’s increasing popularity on Binance and its expanding range of use cases, the meme coin seems to have room for further growth as it continues to recover from its lows in 2022.
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