Shiba Inu, the self-proclaimed ‘Dogecoin killer,’ has surged by 1.7% in the last 24 hours, maintaining its position among the top 10 cryptocurrencies by market capitalization.
Recent developments indicate promising prospects for Shiba Inu, with its lead developer, Shytoshi Kusama, teasing upcoming major releases via Twitter. Kusama’s discussions with partners about a Shiba Inu-themed service set to launch have garnered attention, adding to the excitement surrounding the meme coin’s recent rally.
Furthermore, a trader highlighted by Lookonchain could have seen a staggering 628x profit had they not deposited their holdings into Coinbase. As speculation mounts about Shiba Inu potentially overtaking Dogecoin, these upcoming releases and services are expected to further drive the momentum of the meme token, which is steadily closing in on Dogecoin’s $22 billion valuation.
Data from IntoTheBlock shows a notable increase in Shiba Inu transactions exceeding $100,000, rising from 2,222 transactions on May 4 to 3,848 transactions on May 5. Shibarium Scan data also indicates a surge in new accounts, reaching 195 on March 5 compared to 57 on March 4.
Moreover, Shibburn data reveals a significant token burn activity, with 177 million tokens burned in the past eight hours alone. Notably, a single transaction burned 100.5 million tokens, alongside other notable burn transactions.
Technical analysts at CoinFactiva have suggested the possibility of further upward momentum for Shiba Inu. With ongoing rallies, significant developments, increased whale transactions, and high burn rates, the meme coin appears poised for continued growth.
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