Last year did not go well for the crypto industry. It was the year when the major shut-downs, lay-offs, and hacks in the crypto world were seen. Due to which the whole crypto industry almost lost the faith of their investors, thus the prices of cryptocurrencies mostly traded in the red zone.
But, hold on! New year brings little hope for the crypto industry and once again pulls the investors to pour their money into it. The below chart indicates that the cryptocurrencies are somewhere once again breathing-in.
Shiba Inu 7-days price analysis
Following the bullish trend in the crypto market, Shiba Inu is performing far better than expected. The meme coin showed around a 7.38% increase from one week in its trading price. While its approximate return on investment (ROI) is 542445.48%.
The current price of Shiba Inu is $0.000009 USD with a 24-hour trading volume of $207.52 Million USD. Shiba Inu is up 4.10% in the last 24 hours, with a live market cap of $4.80 Billion USD.
The meme coin launched its new Layer-2 scaling solution Shibarium. The launch of Shibarium has been teased for the most part of 2022. On January 5th, 2023 Shibarium added in its announcement that it has been developed for Shibtoken and not for the sake of other projects who claim ownership or speculation surrounding its operability dependency on any other tokens.
Shibarium Update
As we approach the launch of the upcoming Shibarium Beta Network, we first would like to start by thanking the Shiba community for bringing such energy and excitement surrounding the upcoming phased introduction.
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— Shibarium Network (@ShibariumNet) January 4, 2023
From January 5th, Shiba Inu is mostly performing in a bullish phase, and this may be possibly due to its recent announcement.
Shibarium further added in its last post that reminds everyone that BONE serves as the required gas token for operability within Shibarium, while each Shibarium transaction will burn SHIB.
Shibarium Update
While on our last post we wanted to remind everyone that BONE
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— Shibarium Network (@ShibariumNet) January 7, 2023
On the other hand, the burn rate of one of the prominent meme tokens, Shiba Inu, surged more than 1000% in 24 hours. The SHIB army committed to a burn mechanism in which they’d have to burn some SHIB tokens to reduce its massive supply.
According to Shibburn — SHIB burn tracking site, a total of 37,400,646 SHIB have been burned in the last 24 hours, accounting for a surge in burn rate of 1,395.89%.
Source: https://www.thecoinrepublic.com/2023/01/09/shiba-inu-welcomes-2023-is-this-announcement-the-reason/