Benzinga - Despite a 6.7% loss in January, the Shiba Inu (CRYPTO: SHIB) ecosystem is witnessing positive development. Analysts expect this to reflect in price upside soon.
What Happened: IntoTheBlock data indicated the number of transactions more than $100,000 on the Shiba Inu network surged to 21 in just 24 hours as of Feb. 6, 2024, compared to only seven transactions as of Feb. 4, 2024.
Cumulative accounts numbered 63,341 as of Feb. 7, 2024, compared to 62,211 exactly one month ago.
These statistics indicate rising adoption for the asset despite the recent 6.7% price drop over the past month.
Based on Shibburn data, there were only three transactions reporting burns of 2.1 million, 3.3 million, and 1 million in the past two days. All other burns were significantly smaller, reducing the overall burn rate by 39.6% over the past 24 hours.
The Shiba Inu ecosystem awaits the launch of the Ryoshi network, for which the Ryoshi governance token is prepared to play a critical role. Ryoshi's initial fully diluted valuation stands at $12.5 million with a total supply of 200 million tokens. Ryoshi's strength lies in its utility and the long-term viability of the project.
Read Next: 'Dogecoin Killer' Shiba Inu Burns 10B SHIB In January: 'Significant Partnerships In The Works'
Why It Matters: The anonymous leader of Shiba Inu, Shytoshi Kusama, changed his X location mark to Hong Kong. The community is speculating whether there is a message about Shiba Inu that Kusama is trying to get across.
A user, Shib Spain, replied to the tweet, “History will repeat.. $SHIB $LEASH $BONE will rise again, accumulate, and prepare for Huge Breakout.”
Some users also foresee that this travel is likely to lead to the success of Shibarium and the entire Shiba Inu financial system.
Shiba Inu enthusiast, Lola tweets “SHIB is the brand” and many future projects will use Shiba Inu as their native token. She added, “Many projects will use Shib for marketing purposes and that isn't bad as long as they are contributing to its deflationary objectives but if not, you will be tagged as a user.”
Crypto-savvy investor, X-istan tweeted
Amid market fluctuations, #ShibaInu sails steadily with a 14% surge in trading volume at $71.29 million!What's Next: Even though called the Dogecoin killer, Shiba Inu has reported some losses in recent times but the optimism surrounding the token has not changed with analysts continuing to remain bullish.Analysts anticipate a potential upswing.
#SHIB #DYOR #NFA #BTC pic.twitter.com/uVfcUxyjKf
— X-istan (@Xistann) February 5, 2024
Also Read: 'Dogecoin Killer' Shiba Inu Burn Rate Skyrockets Over 4200% After New Plan To Automate Burn Processes Unveiled
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