Shiba Inu appears to be taking good advantage of the generally bullish market sentiment.
The memecoin's burn rate has exploded over the last day, and there are now several reasons to believe that we may be on the verge of a new Shiba Inu bull run.
According to SHIB Burn, Shiba Inu has seen a massive spike in the amount of tokens burned (or destroyed) over the last day.
SHIB Burn data presents that more than 369 million SHIB were burned in the last day, representing a staggering 7,400% surge from the previous day.
SHIB Burn data also shows that the total SHIB burned in the past week was more than 630 million SHIB, marking a 146% increase over the last week.
Shibarium has announced a new feature for its blockchain explorer, Shibarium Scan. According to a new update from LUCIE on Twitter, users can now connect to Shibarium Scan via email, which will enable them to access updates, progress and statistics on Shibarium from anywhere.
Lucie explained that the email connection feature is completely optional and does not require users to connect their wallets.
This means that users can keep their crypto assets safe and secure while accessing Shibarium Scan.
Another recent Shibarium integration is with GroveX, an Australian crypto exchange. GroveX has stated that it was impressed by the speed and efficiency of Shibarium and that it looks forward to offering its users more options and opportunities with SHIB and other tokens.
According to Shibariumscan, the Shibarium network has reached over 3.5 million transactions and nearly 1.3 million wallet addresses so far.
According to a recent tweet from Whale Alert, $36 million worth of SHIB was transferred from one address to another on Monday.
This is not the only time this month that something like this has happened.
A few days ago, on Oct. 21, a whopping 4.5 trillion SHIB (equivalent to about $32.1 million), was moved from an undisclosed wallet to another. Before that on Oct. 20, two separate transactions happened on the Shiba Inu network, transferring roughly 4.55 trillion SHIB and 4.56 trillion SHIB (worth about $31.5 million and $31.75 million respectively).
As if that isn't enough, earlier in the month on Oct. 17, another transaction from an unknown wallet moved about 4.57 trillion SHIB, or about $31.6 million around on the network.
So far, we can see that these transfers indicate strong bullish sentiment among the whales, and show that there might be an incoming Shiba Inu bull run very soon
Despite the large amount of SHIB being burned and transferred, the price of the meme coin has remained relatively stable in the past 24 hours.
According to CoinGecko, SHIB is trading at $0.000007900 at the time of writing, with a minor 0.5% drop over the last day.
Shiba Inu's daily trading range also shows significantly low volatility.
However, SHIB has shown remarkable growth in the past month, increasing by over 10% from $0.00000732 on September 30 to where it currently sits.
In all, we can see that these large transfers show that there is still a lot of interest and speculation around SHIB, as well as a lot of liquidity and movement in the market.
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