SHIB and BONE Tokens Rally, Emerging as the Top Gainers

In the dynamic realm of cryptocurrencies, the Shiba Inu ecosystem has become a focal point for investors, largely due to the highly anticipated upcoming launch of Shibarium. This innovative layer 2 blockchain, built on the foundation of Shiba Inu, is slated to go live in the forthcoming month, promising to introduce a new era of scalability and efficiency to the ecosystem.

SHIB And BONE Tokens Rally, Emerging as the Top Gainers

The utility tokens within the Shiba Inu ecosystem, notably SHIB, and BONE, have emerged as top performers, attracting considerable attention from investors and traders alike. As of today, SHIB has surged impressively by 5.49%, reaching a price of $0.00000824, while BONE has witnessed a remarkable growth of 6.63% over the past 24 hours.

Newly-Launched Project Cryptiq Token Takes the Lead as Shiba Inu Community Successfully Removes 94.58 Million SHIB from Circulation Within 24 Hours.

In the past 24 hours, the Shiba Inu community has made a significant impact by permanently removing 94.58 million SHIB tokens from circulation. This remarkable achievement was accomplished through thirty-eight individual transactions, showcasing the community’s dedication to reducing the token’s supply.

A standout participant in this burning frenzy is the newly surfaced project, Cryptiq Token. Driven by community support and decentralized ownership, Cryptiq Token managed to burn an impressive 78.14 million SHIB tokens through thirty-one separate transactions. The most substantial burn transaction from Cryptiq Token amounted to 37.69 million SHIB tokens, executed precisely at 10:34:35 PM +UTC, as recorded by Etherscan.io. The company officially acknowledged these successful burns with a tweet.

As a result of this intense burning activity, the overall SHIB burn rate surged by a staggering 240.91% in just one day, highlighting the community’s dedication to reducing the token’s supply and potentially impacting its value positively.

Shiba Inu Joins The Ranks of Leading Gainers With a Whopping 1.11 Trillion SHIB Tokens Accumulated, Valued at $9 Million

During an accumulation campaign starting in June, Shiba Inu (SHIB) has witnessed a remarkable surge, propelling it to a prominent position among the top gainers. Notably, shark and dolphin addresses have collectively amassed an impressive 1.11 trillion SHIB tokens.

Shiba Inu has entered the list of top gainers among the 100 largest cryptocurrencies within the past 24 hours. This bullish scenario has unfolded amidst a significant accumulation trend observed among shark and dolphin addresses since June.

According to a recent tweet by Santiment, a prominent crypto behavior analytics platform, shark and dolphin wallet addresses, which hold 10 million to 1 billion SHIB tokens, have amassed a staggering 1.11 trillion SHIB tokens, equivalent to $9 million, in just under eight weeks. The tweet initially misreported that these addresses held up to 100 billion SHIB tokens. Santiment’s accompanying chart indicates that this accumulation phase followed a period of distribution. After Shiba Inu’s price dropped from the $0.00001 range in mid-May, it settled within a range of $0.000008628 to $0.000009, leading to persistent selloffs throughout the remainder of May.

Shiba Inu Ranks Among the Top Performers

In the midst of continuous accumulation, the crypto market witnessed significant surges in substantial transactions on July 6 and mid-July, coinciding with price lows. Surprisingly, these whale transactions acted as a catalyst for impressive comebacks, propelling SHIB to reach a high of $0.00000853 on July 15.

Following that, Shiba Inu experienced a decline below the July 15 peak and remained in a consolidation phase below the $0.000008 price level until recently. Despite this, SHIB mounted a resilient fight against the bearish trend, showcasing noticeable gains when the rest of the market traded flat.

Yesterday, SHIB demonstrated a remarkable intraday gain of 4.74%, concluding the day at $0.00000817. Notably, this marked the first instance in nearly two weeks that the asset closed above $0.000008 on the daily timeframe. As of the current press time, Shiba Inu is trading at $0.000008225, exhibiting an impressive surge of 5.51% over the past 24 hours and a remarkable 4.96% gain over the last week. Consequently, SHIB stands out as the fourth biggest gainer among the top 100 assets in the past 24 hours.