Shiba

bullish

Bitcoin

Shiba Inu

<ul class="wp-block-list">
 <li><strong>SHIB burn rate and Shibarium upgrades boost long-term growth potential.</strong></li>
 <li><strong>Increasing SHIB transaction activity signals rising engagement.</strong></li>
</ul>
<p>Shiba Inu (SHIB) has been experiencing a surge as Bitcoin hit a three-month high, pushing past the $71,000 mark. It jumped 11% in the past 24 hours, with trading volume up 199%. Despite this recent spike, SHIB has seen a 5% drop over the past month, underscoring the volatile landscape of the meme coin market.</p>
<p>This bull rally also coincides with the announcement of a significant upgrade to Shiboshis, the <a href="https://thenewscrypto.com/vitalik-buterin-drives-change-in-ethereum-with-the-splurge/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a>-based NFTs within the Shiba Inu ecosystem. Shiba Inu’s marketing lead, Lucie, recently shared details about the upgrade on X, describing it as a strategic enhancement for Shibarium, SHIB’s layer-2 blockchain. The update promises new features for Shiboshis, including increased utility, exclusive events, rewards, and a streamlined approach aimed at embedding NFTs as a core component of SHIB’s ecosystem.</p>
<p>Adding to the bullish outlook is <a href="https://thenewscrypto.com/shiba-inu-faces-uncertainty-as-shibarium-gas-fees-surge/" rel="noopener noreferrer nofollow">Shibarium</a>’s robust growth. Since its launch, the ecosystem has registered 430 million transactions and amassed over 2 million wallet users.</p>
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<p>Meanwhile, the SHIB burn rate has skyrocketed by 65,530%, potentially decreasing the coin’s circulating supply and contributing to a long-term value boost.&nbsp;</p>
<h3 class="wp-block-heading" id="h-why-shib-traders-are-optimistic">Why SHIB Traders Are Optimistic?</h3>
<p>Market indicators also reflect optimism. The daily active addresses for SHIB rose 0.89% in the last 24 hours, signaling continued engagement from the SHIB community.&nbsp;</p>
<p>Meanwhile, The nine-day exponential average (EMA) is at $0.0001873 and the daily <a href="https://in.tradingview.com/chart/EJXIwxE9/?symbol=BINANCE%3ASHIBUSDT" target="_blank" rel="noopener noreferrer nofollow">RSI</a> (Relative Strength Index) is at 55, indicating that it is in a neutral position. The long/short ratio is tilted towards bullishness, with 57.52% of traders holding long positions, indicating that most investors are optimistic about its potential <a href="https://coinmarketcap.com/currencies/shiba-inu/" target="_blank" rel="noopener noreferrer nofollow">price</a> rise.</p>
<p>With Shibarium’s ecosystem advancements and a strong burn rate, it appears positioned for potential future gains. However, greater activity within the Shibarium network may be essential to fully capitalize on this momentum.</p>

Will SHIB Recent Price Action Lead to Sustained Gains?

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TheNewsCrypto

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