Shiba Inu resumes price uptrend as Shibarium launch becomes imminent

• SHIB burn surpasses 1 billion as Shibarium beta nears.
• SHIB resumes an uptrend after a 4% decline.

In the past week, the Shiba Inu community observed more than a billion token burns, coinciding with the upcoming launch of Shibarium. Furthermore, there has been an increase in the count of active addresses, including a rise in the number of addresses holding non-zero tokens.

Are there any notable positive effects on BONE, the Shibarium token, as well?

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Shiba Inu burn rate hits 1 billion

Recent data from Shiburn indicated a notable increase in the total number of Shiba Inu token burns over the past few days. At the time of writing, data revealed that more than 1.8 billion SHIB tokens have been burned within the last seven days. This figure was nearly twice the amount burned in the preceding seven days. 

HOURLY SHIB UPDATE$SHIB Price: $0.00001045 (1hr -1.07% ▼ | 24hr -0.80% ▼ )
Market Cap: $6,154,862,855 (-1.17% ▼)
Total Supply: 589,345,490,529,172

TOKENS BURNT
Past hour: 767,790 (1 transaction)
Past 24Hrs: 658,303,039 (-19.98% ▼)
Past 7 Days: 1,827,816,535 (-14.04% ▼)

— Shibburn (@shibburn) August 14, 2023

Moreover, within the last 24 hours, approximately 667 million tokens have been burned. This surge in burning activity could likely be attributed to the impending launch of Shibarium.

The L2 platform’s testnet has been operational for several months, and the beta version is anticipated to be released before the week concludes.

Shiba Inu active addresses surge

Data provided by Into The Block indicated a recent surge in the activity of Shiba Inu’s addresses over the past seven days, displaying a clear upward trend. The accompanying chart illustrated that the count of active addresses experienced a notable upswing, surpassing 8,000 around 12 August.

During this timeframe, both non-zero and new addresses also increased. Specifically, the number of non-zero addresses expanded to over 3,000, aligning with the number of new addresses created.

Source: IntoTheBlock

As of this writing, however, there has been a slight adjustment in these figures. The count of active addresses settled at around 6,000. Furthermore, the numbers for non-zero and new addresses stabilized at approximately 2,000 and 3,000, respectively.

SHIB retains the bull trend

Following a 4% decline in its value during the prior trading session, Shiba Inu once again entered a profitable territory on a daily timeframe. SHIB experienced a gain of more than 2% as of this writing.

Furthermore, the recent trend for SHIB has been upward over the past few days. This was evident from the chart, which displayed a series of higher highs that have propelled the asset into a bullish trajectory.

Source: TradingView

The position of the indicators revealed that the Relative Strength Index (RSI) line was slightly below the overbought zone. Furthermore, the Moving Average Convergence Divergence (MACD) also displayed a positive sentiment.

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However, BONE didn’t mirror the positive trend witnessed by SHIB. An examination of BONE’s performance daily timeframe revealed a decline of more than 9% as of this writing. 

Source: TradingView