The 72% gain Shiba Inu (CRYPTO: SHIB) in the last month and its active Cryptocurrency burning mechanism continues to fuel optimism among traders.
| Virtual currency | Price | Market capitalization | 24 hour trend | 7 day trend |
| Shiba Inu (CRYPTO: SHIB) | $0.00002905 | $17.1 billion | +1.6% | +21% |
| Dogecoin (CRYPTO:DOGE) | $0.4164 | $61.2 billion | +1.7% | +10.2% |
| Pepe (CRYPTO: PEPE) | $0.00002025 | 8.5 billion dollars | +1.1% | +12% |
Trader analysis
Cryptocurrency trader Bluntz Capital hopes the enthusiasm for meme cryptocurrencies will reignite retail interest in projects like Dogecoin, Shiba Inu and Floki.
Trader Astekz says Shiba Inu is consolidating and could start a new uptrend before Dogecoin.
$SHIB – Wouldn’t surprise me whilst everyone is expecting doge to go if this just consolidates and goes again before it pic.twitter.com/F1iPkRNj75
— Astekz (@astekz) December 2, 2024
Statistics
Shibburn data shows that 2.02 billion SHIB tokens have been burned in a single transaction, boosting the daily burn rate by 3,454.2%.
More Read
Data from IntoTheBlock shows that despite a 2.3% increase in large transactions, daily active addresses decreased by 24.4%.
High-value transactions above $100,000 decreased from 1,776 to 892 in 24 hours.
Daily transactions have remained stable at 4.74 million, consistently surpassing the 4 million mark for over a month.
Analytics firm Santiment released data showing strong network growth for SHIB, with 7,548 new wallets added on December 1, reflecting increased community engagement.
The on-chain analytics platform emphasized that although there may be short-term price volatility due to increased retail activity, the long-term trend points to growing utility on the Shiba Inu Blockchain.
Community News
The Shibarium team announced a major update scheduled for December 2 to address scalability challenges.
The upgrade aims to improve network performance, allowing more transactions to be handled smoothly during peak periods.
You can also read: Why does Bitcoin (BTC) fail to exceed $100,000? Experts explain
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