Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
Shiba Inu (CRYPTO: SHIB) is trading in the green, sparking optimistic opinions from analysts as the broader crypto market experiences a surge in optimism.
What Happened: Lucie, the marketing lead of Shiba Inu, emphasized in her latest post on X (formerly Twitter) that there is “no other direction than up” for the meme coin, which has maintained its position for more than two years despite a significant bear market.
She also stated that Shiba Inu is not a “trendy meme that will be abandoned by degens at the first sight of a new trend,” and that “real people are working on real development behind it.”
The Shibarium network announced on its official X page that they have launched a new Shibarium UI update, which is faster, smoother and more accessible. The update also expanded wallet compatibility with MetaMask, Coinbase Wallet, Rainbow, Trust Wallet and Wallet Connect.
Jake Gagain, a popular crypto content creator and investor, estimates that Shiba Inu could reach a market capitalization of $100 billion by 2025. He highlights various factors driving the meme coin’s growth in a short video.
Also Read: Why Are Dogecoin And Shiba Inu Silent Today?
Why It Matters: IntoTheBlock data shows a 54.6% surge in Shiba Inu’s large transaction volume and a 0.8% increase in daily active addresses.
The data also reveals that at an average price of $0.00001, more than 397,000 SHIB addresses currently hold 2.44 trillion SHIB tokens, acting as a barrier against further price drops and indicating strong buying demand and potential market stability.
CoinGlass data highlights a 17.4% increase in SHIB Derivatives Data volume, with liquidations in the past 24 hours standing at 800,970, and long liquidations accounting for a major portion of 445,970.
According to Shibburn data, 5.2 million SHIB tokens were burnt across six transactions in the past 24 hours, pushing burn rates higher by 172%.
Price Action: At the time of writing, SHIB is trading at $0.00002295, up 1.4% over the past 24 hours.
What's Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
Read Next: Dogecoin, Shiba Inu And Who Else? How Meme Coins Have Evolved Since The Last Bitcoin Halving
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.