Disclaimer: The information provided in this update is for informational purposes only and does not constitute financial advice. The performance of cryptocurrencies is highly volatile and may involve risks. Readers are advised to conduct their own research and consult with financial experts before making any investment decisions.
Shiba Inu’s October Burn
In October, Shiba Inu (SHIB) witnessed a substantial burn event, with over 1.4 billion tokens destroyed, according to Shibburn. Notably, October 28 marked a standout day, seeing the incineration of more than 250 million SHIB, sent to an address inaccessible to anyone.
However, it’s important to note that despite the impressive figures, the burn rate for last month was 37% lower compared to September.
Performance Insights
Following the extensive burn, SHIB experienced a positive price movement, showing a 5% increase over the course of a week. Additionally, over a two-week period, SHIB demonstrated a noteworthy 12% rise, as reported by CoinGecko.
Shibarium’s Impact on SHIB’s Price
Shibarium, the recently launched layer-2 scaling solution, could potentially play a significant role in influencing SHIB’s price in the future. Since its introduction approximately two months ago, Shibarium has achieved notable milestones:
- Total transactions on the network have exceeded 3.5 million.
- The number of wallet addresses is approaching 1.3 million.
These accomplishments underscore the growing adoption and utilization of Shibarium, which could have a positive impact on SHIB’s price dynamics.
Conclusion
The October burn event, coupled with positive performance indicators for SHIB, reflects ongoing activity and interest in the Shiba Inu ecosystem. Additionally, the advancements in Shibarium present a promising development for the network’s scalability and utility.
Investors and enthusiasts should exercise caution and conduct thorough research before making any investment decisions, as the cryptocurrency market remains highly volatile. It’s advisable to seek advice from financial experts for personalized guidance.
