Shiba Inu (SHIB) is igniting bullish interest in the cryptocurrency market following a wave of positive on-chain factors spurring price growth. At press time, SHIB trades at 0.0000227, an 8% increase this week despite facing slight short-term corrections. 

The uphill rally in SHIB and memecoins has been tipped by multiple traders on social media spaces as ushering in the next market bull phase. Shiba Inu’s market capitalization stands over $13.4 billion with daily trading volumes almost at $400 million. 

Burn Rates and Whale Transactions Turn Investors 

Shiba Inu recorded surging transactions alongside its price uptick. The memecoin notched an increase in daily volumes and new active accounts on the back of network upgrades. The announcement by crypto lender Nexo to list SHIB on its platform was to boost bulls and small-scale traders. 

Data from IntoTheBlock shows a 382% spike in SHIB transactions while active addresses moved upwards by 11%. Furthermore, transactions with figures above $100,000 doubled in the last 48 hours. Shibariumscan data also points to an increase in active users from 977 to 1,493. 

According to the platform, Shiba Inu has evolved from a playful meme to include many empowering use cases for the community. ShibaSwap, an exchange for token swapping and yield farming was hailed for new updates in the community. The burn rate of SHIB has impacted the assets price positively in recent weeks as it recovers from the previous bottom. 

Token burns are deployed by platforms to drive up asset value in the market. SHIB burn rate hit 4,100% after 82 million coins. 

Can SHIB Outperform DOGE? 

Shiba Inu remains the second largest memecoin by market cap and trails Dogecoin in terms of long-term growth but has shown recent upticks above the DOGE. 

Despite soaring SHIB momentum, Dogecoin’s weekly momentum continues to outpace the asset. DOGE is up 18.5% this week as its community tips a possible run to $1. On the flip side, the asset is down 7% in the last 24 hours. 

Also Read: Top Reasons Why The Crypto Market Is Down

The post Will Shiba Inu (SHIB) Lead The Memecoin Bull Run? appeared first on CoinGape.

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