Shiba Inu is experiencing a surge in its price and daily transactions, solidifying its position among the top altcoins in the current market climate. The daily transactions for SHIB have seen a remarkable 99% increase, surpassing $135 million. This surge in transaction volume indicates increased activity from major investors, potentially driving the coin’s price up by 6%. It is noteworthy that around 73% of SHIB’s circulating supply is currently controlled by influential market players.
The recent price rally in SHIB can be attributed to several factors. Firstly, the token burn mechanism has been highly active, with an exceptionally high burn rate recorded on June 4th. This has resulted in the removal of approximately 370 million SHIB tokens from circulation, potentially increasing the token’s long-term value. Additionally, the development of Shibarium, a Layer-2 scaling solution, has played a crucial role in improving transaction speeds, reducing fees, and enhancing scalability within the Shiba Inu ecosystem. With over five million blocks processed by the end of May, Shibarium has gained momentum since its launch last summer.
Overall, the surge in price and transaction volume for Shiba Inu reflects growing investor interest and confidence in the token’s potential.