SHIB Flashes Green Again

As observed on CoinGecko, many leading cryptocurrencies have headed north today (October 9). Most have registered mild gains, while Shiba Inu (SHIB) is among the top performers.

Shiba Inu (SHIB) has shown remarkable resilience amidst the broader cryptocurrency market uptrend on October 9.

As noted by CoinGecko, most leading cryptocurrencies have registered modest gains, with SHIB emerging among the top performers.

Over the last 24 hours, SHIB's price has increased by 4%, currently trading at around $0.00001786. Moreover, the token's valuation has surged by nearly 40% in the past 30 days, largely due to the mini bull run observed at the end of September.

Interestingly, SHIB's exchange reserves have been dwindling significantly. As reported by CryptoQuant, the figure has fallen drastically over the past year.

This shift from centralized platforms to self-custody methods could be interpreted as a bullish signal, as it reduces the immediate selling pressure.

Another factor suggesting SHIB's rally could continue in the short term is the meme coin's burning mechanism. The burn rate has increased by over 400% in the last 24 hours, resulting in almost 3 million tokens being sent to a null address.

While the USD equivalent of the stash may be small, continuous efforts in burning SHIB will make the token scarcer and potentially more valuable (assuming demand remains the same or increases).

Furthermore, Large Transactions, a momentum oscillator gauging the number of transactions greater than $100,000, has also seen a significant uptick, rising by 5.5% daily (according to IntoTheBlock), flashing another bullish sign.

The Impact of Shibarium on SHIB Price

The further progress of Shiba Inu's layer-2 blockchain solution, Shibarium, has also been touted as a factor that could boost the price of the meme coin.

Throughout 2023, the protocol has hit numerous targets, gathering substantial momentum. However, it has been underperforming lately.

Daily transactions on Shibarium have been hovering below 10,000 since the beginning of October, compared to the millions observed at the start of 2024.

Shibarium's main purpose is to foster the development of Shiba Inu by enhancing scalability, lowering transaction fees, and improving speed. For more updates on the ecosystem, check out our Shibarium news.

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