Shiba Inu (SHIB) Sees Surge in Transaction Volume and Price Amid Blockchain Improvements and Token Burns
Shiba Inu (SHIB) has experienced a notable increase in transaction volume and price, driven by advancements in its blockchain technology and a significant rise in token burns. The adoption of SHIB as a payment method by CoinGate has further enhanced its utility and market exposure.
SHIB’s Transaction Volume Soars
On May 14, Shiba Inu, the second-largest meme coin by market capitalization, made headlines due to a substantial rise in a key ecosystem metric. Data from IntoTheBlock revealed that SHIB’s aggregated daily volume for transactions exceeding $100,000 reached $223 million, marking a staggering 2,300% increase from the previous day. Additionally, daily active addresses and transaction volumes have increased, though not as dramatically.
This surge in metrics aligns with a SHIB price rally, making it one of the market’s top performers with a 7% increase over 24 hours. However, other meme coins such as PEPE (23%), POPCAT (27%), TRUMP (22%), and FLOKI (12%) have seen even larger gains.
Contributing Factors to SHIB’s Resurgence
Several factors have contributed to the recent rise in SHIB’s price and transaction volume:
- Increased Token Burns: Over the past seven days, the SHIB team has destroyed more than 200 million tokens. The burn rate has surged by over 100% in the last 24 hours, with an additional 30 million tokens sent to a null address. This mechanism aims to reduce SHIB’s circulating supply, potentially increasing its value over time.
- Shibarium Upgrades: The layer-2 scaling solution Shibarium has undergone two major upgrades to enhance user experience and ensure compatibility with popular wallets such as MetaMask, Coinbase Wallet, and Trust Wallet.
- Adoption by CoinGate: SHIB’s recent adoption by CoinGate, a blockchain payment processor based in Lithuania, has expanded its utility. CoinGate facilitates crypto payments for well-known companies like Airbnb, Spotify, Nike, IKEA, Walmart, and Uber, bridging the gap between crypto and traditional finance.
These developments have positioned SHIB for increased utility and market presence, contributing to its recent performance and promising future potential.
