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Important Shiba Inu Metric Explodes by 2,300% as SHIB Price Rises: Details Inside

Shiba Inu's market performance surges, boosting adoption and transaction volumes significantly.

Wed, 15 May 2024, 09:58 am UTC

Important Shiba Inu metric explodes by 2,300% as the SHIB price rises. Shiba Inu adoption continues to grow, with users now able to book Airbnb and buy Nike clothes via SHIB.

Shiba Inu's Daily Volume Surges 2,300%, Boosting SHIB Price and Adoption with Shibarium Enhancements

According to IntoTheBlock data (via CryptoPotato), SHIB's aggregated daily volume, with transactions over $100,000, has exceeded $223 million, marking a remarkable 2,300% increase from the previous day. Daily active addresses and transaction volumes have also risen, though less dramatically.

This metric surge coincides with a SHIB price rally, making it one of the market's top performers, with a 7% increase in the last 24 hours. Other meme coins, including PEPE (23%), POPCAT (27%), TRUMP (22%), and FLOKI (12%), have seen even more significant gains.

The recent SHIB price rebound can be attributed to the increasing burn rate and the ongoing development of Shibarium, a unique layer-2 scaling solution. Over the past week, the Shiba Inu team has burned more than 200 million tokens, with a 100% increase in the last 24 hours, including an additional 30 million tokens sent to a null address. This innovative burn mechanism aims to reduce SHIB's circulating supply, thereby increasing its scarcity and potential value, a feature that sets it apart from other meme coins.

Shibarium, a layer-2 scaling solution for Shiba Inu, has undergone two significant enhancements. These improvements aim to improve user experience by making transactions faster and cheaper, and compatibility with popular wallets like MetaMask, Coinbase Wallet, and Trust Wallet. This means that users can now easily manage their SHIB tokens using their preferred wallets, enhancing convenience and accessibility.

Shiba Inu Gains Traction as CoinGate and Nexo Integrate SHIB, Boosting Adoption and Use Cases

CoinGate, a bridge between cryptocurrency and traditional finance, has integrated SHIB with Polygon and Binance Smart Chain, opening up a world of possibilities for businesses. This integration allows companies to buy, sell, manage, and accept cryptocurrency payments, providing a practical use case for SHIB. CoinGate's partnerships with well-known companies such as Airbnb, Spotify, Nike, IKEA, Walmart, and Uber further enhance SHIB's visibility and potential for widespread adoption.

Nexo, a crypto lending platform, has recently enabled users to acquire Shiba Inu. This integration offers several benefits, including instant card transactions, the ability to earn rewards through exchanges, the option to borrow against the token, and the convenience of sending assets to friends via phone number or email. Major cryptocurrency companies like Binance, Kraken, Coinbase, Gemini, OKX, KuCoin, and GroveX have also accepted the meme coin, further expanding its utility and use cases.

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