With a remarkable 13.6% gain in the past 24 hours, Shiba Inu’s (SHIB) bullish momentum can be largely attributed to the accelerated burn rate of Shiba Inu tokens.
The vibrant SHIB community, famously known as the SHIB Army, successfully burned an impressive 341 million $SHIB tokens in just five transactions within a single day. This burn rate is in close proximity to the total count of 377 million $SHIB tokens burned during the previous week.
As of the latest update, SHIB is trading at $0.00000832, as reported by CoinMarketCap. Rebounding from a crucial support level of $0.000008, Shiba Inu experienced a significant boost, coinciding with Bitcoin’s surge past $30,000 following BlackRock’s introduction of a Bitcoin ETF filing.
Alongside Shiba Inu’s resurgence in the top 15 rankings for crypto global market capitalization, Bone ShibaSwap (BONE), the gas fee token of Shibarium, also witnessed a 9% daily gain, reaching a trading price of $0.8329 according to CoinGecko.
Notably, both $SHIB and $BONE display a strongly bullish signal, as indicated by IntoTheBlock, a blockchain data analytics platform. While 42% of BONE holders are currently making a profit at the current price, only 14% of $SHIB holders are in a profitable position.
When it comes to net network growth, both $SHIB and $BONE exhibit similar performance, leaning slightly towards the bearish side. The only neutral real-time on-chain signal is concentration, which typically rises during a buying spree by Ethereum whales.
