April 22, 2024


Bear Markets come and go, but investor love for SHIB remains forever. Well, that’s exactly what’s happening here as we see yet another Shiba Inu bond with mainstream buyers.

Slowly and steadily

The #15 cryptocurrency was up another 3% at press time as it traded at $0.00001. Even the total market capitalization rose by 3.5% on CoinMarketCap. This spark, indeed, points to a possible bullish bias that may continue in the coming days.

Well, the popular meme coin has shown some recovery, especially in monthly trading. SHIB transactions in July 2022 totaled 211,833 – a 34% gain from the 15-month low of 157,889 recorded in June, according to statistics from blockchain analytics site bloxy.info.

Source: bloody.info

Notably, the increase was not quite significant compared to last year.

Moreover, to support this slant, even keyword searches on Google Trends pointed to a good cause. Here is the chart below for the 90 day limit.

Source: Google Trends

The wave in question brought the much-needed relief to the network and hence the related token. Consider this, just a week ago, global Google search queries for the keyword ‘Shiba Inu’ fell to their lowest level in over a year for 12 months.

The community even saw the latest development as a means to love the puppy. Here, the developers behind the popular cryptocurrency meme Shiba Inu was revealed the name of the highly anticipated CCG game.

According to the announcement, the game, called ‘Shiba Eternity’ has been made available to players on the Apple app store and Google play store.

This combined with the aforementioned developments helped the trading volume to rise.

Source: Santiment

According to Santiment, an analytics platform, trading volume rose to the 360.9 million mark on August 3.

Burn me

Demand growth generally goes hand in hand with SHIB’s combustion mechanism. But that was not the case here. According to the Shibburn portal, 1.13 billion SHIB were destroyed last week. Iin the last 24 hours, a total of 58,217,926 SHIB brands were burnt.

However, it represents only 0.0002% of the circulating volume of the contract supply, which is estimated at 550 trillion coins ($13,500 in fiat equivalent).

That said, SHIB topped the charts among tit is over 5000 ETH whales as seen in the tweet below.


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *