Shiba Inu (SHIB coin) rose over 300% on the back of $178 million in whale activity and the start of the new burning season. SHIB rose from $0.000028 to $0.000045 on January 24, according to CoinMarketCap data. This is the token’s highest level since late 2022. Meanwhile, SHIB coin burn rose 4,240 percent. Here are the details…
Whale mobility for SHIB coin
Whale mobility is seen as one of the most important factors in the rise of SHIB. According to data from WhaleStats, the $178 million SHIB was purchased by a $100 million whale. This purchase put pressure on SHIB’s supply, helping to push the price higher. Another reason for the rise of SHIB is the beginning of the new era of burning. The Shiba Inu team has committed to burning 500 million SHIB daily in 2024. This burning will reduce the amount of SHIB in circulation, helping to increase the price.
The Shiba Inu’s rise is generally seen as a positive sign for the cryptocurrency market. While the market has been on a downward trend in recent weeks, SHIB’s rise shows that investor interest in cryptocurrencies is increasing.
Increase in SHIB burning
Additionally, the latest figures on the Shibburn tracker’s website show that the percentage of SHIB burning since yesterday morning has risen sharply compared to the previous day. This is the second major burn increase reported by Shibburn this week; More than 100 million SHIBs were destroyed in Tuesday’s surge. Meanwhile, SHIB showed a slight decline in the last 24 hours. Cremation rate increased by 4,240%, here’s how much SHIB was destroyed According to the above-mentioned source, in the last 24-hour period the SHIB community managed to increase the cremation rate by 4,240% and cremate 15,712,916 Shiba Inu. This time the two largest transactions moved 7,331,125 SHIB and 5,574,136 SHIB, so these two burned almost all of the 15.7 million tokens.
Shiba Inu’s vision for 2024
On the other hand, the Shiba Inu team announced a new vision for 2024. According to this vision, Shiba Inu will become one of the most important players in the cryptocurrency world. The team wants to achieve the following goals in 2024:
- Turning Shiba Inu into a decentralized finance (DeFi) platform
- Making SHIB a more widely accepted payment method
- Expanding the Shiba Inu’s presence in the metaverse
To achieve these goals, the team plans to implement the following projects:
- ShibaSwap v2: A new version of ShibaSwap, Shiba Inu’s DeFi platform, will be released. This release will offer greater liquidity and a wider range of features.
- SHIB Card: A credit card that can be used at businesses that accept SHIB will be launched.
- SHIB Metaverse: Shiba Inu’s own metaverse will be developed. This metaverse will allow users to create and experience Shiba Inu-themed content.
The Shiba Inu team believes that if these projects are successful, SHIB will become a significant force in the cryptocurrency world in 2024. Shiba Inu continues to rise in 2024. Whale mobility, new burn era and 2024 vision are the main factors behind the rise of the token. Time will tell whether the Shiba Inu can continue this rise. However, it is clear that the token has the potential to become a major player in the cryptocurrency market in 2024.
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