Shiba Inu (SHIB): Still a hot topic for new investors in 2024
Shiba Inu, a dog-themed coin, is being traded at $0.000009833 as the article is being drafted. That is an increase of 0.80% in the last 24 hours and 5.765 in the last seven days. The 24-hour volume remains down by 7.29%. Shiba Inu is still at the center of the stage for new investors for several reasons. This entails an optimistic on-chain indicator, token burning, and a partnership with K9 Finance.
On-chain indicators behind the popularity of SHIB among new investors
Shiba Inu is a well-known network in the crypto sphere. That does not mitigate the fact that other players are also in the market, eager to onboard a million users. What keeps Shiba Inu in the lead is its high adoption rate. The number was last reported on February 17, 2024, at 39.27%. An adoption rate represents the number of new addresses on the network.
That is an increase from February 11, 2024’s figure of ~32%. Most of it is credited to the growing popularity and demand for Shiba Inu. Shiba Inu’s adoption rate is being hailed largely because the ecosystem has retained most of its members. Meaning there is a surge in the number of new addresses at a time when old addresses are intact.
Shibarium is another factor that could be contributing to the rise. The Layer 2 solution is attracting participants. That is, there are 1,352,445 wallet addresses with a block count of 3,238,557.
SHIB tokens are being burned every day
Token burning by Shiba Inu has put it at the forefront of a bullish milestone of $0.00001. It is estimated that almost 52 million SHIB tokens have been burnt to date. The burning rate has increased to 3,400% to become an aggressive deflation mechanism. The initial supply has lost 410,708,459,364,680 tokens from circulation.
A burn rate, higher or lower, signifies the growing scarcity of the token. Thereby fueling a price rise at a certain rate. It can be compared to an economic scenario wherein less quantity attracts more demand and, hence, a higher price. On the other hand, high quality attracts comparatively less demand and, hence, a lower price.
SHIB is now looking to find resistance at $0.000008. Bullish signals pave the way for the token to reach $0.0000250 by the end of this year. Shiba Inu price prediction alternatively estimates that the crypto token can touch $0.0000235 before entering the next year. Shibburn has indicated a rise in the burn rate by 160%. It translates to a potential substantial rise in the value of the token.
K9 partnership could surge SHIB price to $0.00001
The success of K9 and Shiba Inu largely depends on how things roll out for Shibarium. The upgraded network is poised to achieve milestones in terms of transaction volume and value. Adding interest to the partnership is the announcement by K9 about launching the KNINE token in the upgrade, enabling holders to receive rewards in BONE, provided transitions are confirmed.
K9 Finance is the developer of the Shibarium ecosystem. Per the official announcement, the launch is scheduled for March 7, 2024. SHIB is already closer to $0.00001, and if the implementation practically follows through, then the token will eventually land the milestone in the books.
After a successful presale of KNINE tokens, the k9 Finance Decentralized Autonomous Organization (DAO) declared on January 31 that token generation will be their next big event. The team is now looking to make the code available for bugs and audits by deploying it on the Hesperocyoniae testnet.
Conclusion
There are three crucial developments in store for Shiba Inu to expect a surge in SHIB tokens. These are a higher adoption rate, token burning, and an advancing partnership with K9. SHIB could close the market at $0.00001 later in the year if all of it plays out well. Most of it signals bullish trends, putting SHIB in front of rising in the coming months.
