As the Shiba Inu price begins to recover, the rest of the crypto market is in a bloodbath. There is an increase in network activity in the largest meme coins, Shiba Inu and Dogecoin. ShibArmy expects a massive spike in SHIB price as token burn events continue.
SHIB price soared as network activity exploded
Shiba Inu is on the rise as it observes a notable increase in network activity alongside rival Dogecoin. Based on data from on-chain data source Santiment, network interaction between Shiba Inu and Dogecoin investors has increased by 35% and 32%, respectively, over the past ten days.
At a time when most cryptocurrencies are witnessing a drop in their prices, investors are pouring capital into the Shiba ecosystem. An increase in network activity is indicative of increased interest in ShibArmy members and investors. It also fuels bullish sentiment among investors.
Experts say the increased trading activity could be a temporary setup for the Shiba Inu price rally. The recent liquidity crises, the collapse of Terra LUNA and the subsequent bankruptcy of Three Arrows Capital, triggered a dip in the market.
23 million Shiba Inu destroyed in three operations
The Shibburn portal reveals that 23.4 million Shiba Inu have been burned in the last three transactions. The community has sent 357.6 million Shiba Inu to the dead wallet in the last 24 hours. Meanwhile, the burning rate increased by 119% overnight.
In the past hour, there have been a total of 23,401,879 $SHIB tokens burned and 3 transactions. #shibarmy
— Shibburn (@shibburn) June 30, 2022
Shiba Inu’s token burn events have permanently removed trillions of SHIBs from circulation. It contributes to the increase in the value of 557.9 trillion Shiba Inu currently in circulation.
Shiba Inu social dominance on the rise
In addition to increased networking activity, the Shiba Inu witnessed an increase in social dominance. Based on data from Santiment, social dominance is a metric that equates to whether the meme token is discussed at an extreme time or at a less specific time of day.
This increase coincides with the recovery in Shiba Inu price.
SHIB maintains its lead on Coinbase
Shiba Inu is one of three cryptocurrencies traded on Coinbase at a higher-than-list price. Bitcoin and Ethereum prices continued to decline as the Shiba Inu price started to recover in the bear market. Most of the top 30 cryptocurrencies by market cap are currently weak. Also as they struggle to recover, the Shiba Inu price is returning.
Despite Crypto.com’s removal from the Win program and other similar setbacks, SHIB has survived. However, Shiba Inu price witnessed a trend reversal. Crypto.com has removed Shiba Inu from the list of supported tokens for rewards in Crypto Earn, while Coinbase Commerce has added Shiba to its platform for investors instant and free payment settlements.
Shibarium launch is approaching
Shiba Inu’s tier-2 solution, Shibarium, is set to enter beta as early as the third quarter of 2022. According to the announcement from the developers at Unification Foundation, the beta version of Shibarium will be available soon.
On the other hand, Shibarium and Shiba Games are two releases planned for the Shiba Inu ecosystem in 2022. Experts say that the release of the Shibarium could contribute to the recovery of the Shiba Inu.
The merge informed ShibArmy that the Shibarium Alpha TestNet has been running successfully for several weeks, allowing developers to build the necessary support tools prior to the public Beta TestNet rollout. The primary tool under heavy development is the wallet application, which will also be deployed to the second tier.
New projects of the Shiba ecosystem
Shibarium builds and develops on well-established, battle-tested and solid technology with xFUND and specifically Oracle of Oracles (OoO). Oracle of Oracles will play an important role in the ecosystem as an AMM. The Shibarium Public Beta TestNet is scheduled to be launched in Q3. It will also allow parties to fully interact with the network, including the verification process.
SHIB price ready to recover
FXStreet analysts predict that after the Shiba Inu faced headwinds and a short period of consolidation, SHIB is poised for a fresh rise. According to analysts, the Shiba Inu price is ready for a 15% rally from its current level. Also, analysts’ next targets for SHIB are $0.0000119 and $0.0000130. However, a continuation of the trend could force SHIB price to retest the short-term local top of $0.0000139.
