Godfrey Benjamin
Shiba Inu retains uptrend as volume goes parabolic on this exchange
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Shiba Inu (SHIB) is still maintaining its uptrend with a growth rate of 3.62%, pegging its price at $0.000007936, per data from CoinMarketCap. One crucial aspect of Shiba Inu’s sustained bullish run is the double-digit growth on Binance exchange. Based on current data, Shiba Inu is up 21.78% on Binance after seeing a massive volume of $37,739,036 in the past 24 hours.
As the most liquid trading platform around today, the uptrend in volume underscores the popularity of the token on Binance, a precursor to a further potential growth streak shortly. The Binance spot trading volume significantly contributed to the more than 11% surge to $173,262,859 overnight.
Shiba Inu’s growth has several other underlying factors. These typically range from the burn rate feature to the impact of Shibarium’s embrace and whale actions in general. Per the token’s burn rate feature, this metric has been on a wobbly run for the past month, as characterized by periods of massive uptick and drop, respectively.
The burn rate is designated a major growth catalyst as it helps reduce the circulating supply of SHIB, driving scarcity and price high together.
Shibarium and whale action
Shiba Inu debuted Shibarium, its Layer-2 scaling solution built on Ethereum, in August. The mission is simple and is aimed at backing the birth of a new thriving smart contract ecosystem that can drive demand for SHIB across the board. Since its debut, Shibarium has adhered to this mission with the launch of platforms like MARSWAP and ChewySwap, among others.
Shiba Inu whales have also played a crucial role in driving optimism within the ecosystem. Through steady accumulation and token burning, these whales are helping with protocol and price stability, while also driving scarcity with some of their HODLing practices.
Per its outlook, SHIB is eying a more prosperous November in a bid to erase the more than 35% loss it has accrued in the past year.
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Godfrey Benjamin