Surging Shiba Inu Performance:
Shiba Inu (SHIB) has experienced a notable surge, with its price trading 11% higher over the past 24 hours, driven by increased whale transactions and a significant update regarding one of its tokens, TREAT.
The gains in Shiba Inu amount to an impressive 60%, according to data from CoinMarketCap.
Lucie, the marketing lead of Shiba Inu, has highlighted the substantial use case of the upcoming token, TREAT. This reward token is poised to provide liquidity to the forthcoming SHI stablecoin and will replace the BONE token as the reward token for ShibaSwap, the decentralized exchange of Shiba Inu.
Moreover, TREAT will offer rewards for SHIB: The Metaverse and the blockchain rendition of the Shiba Inu-themed collectible card game, Shiba Eternity.
Anticipation Surrounding ETHDenver 2024:
There is heightened anticipation within the Shiba Inu community regarding the possible presence of the lead developer, Shytoshi Kusama, at ETHDenver 2024. With the event ongoing until March 7, speculation is rife about a potential major development within the Shiba Inu ecosystem.
Rising Transaction Volumes and Shibarium Burns:
IntoTheBlock data reveals a notable increase in transactions exceeding $100,000, which surged from 221 transactions on February 28 to 495 transactions on February 29, more than doubling within a single day.
In February, Shibarium burns amounted to 643.7 million tokens, equivalent to $8,264. However, this figure represents a decrease from January levels, which saw burns totaling 9.93 billion SHIB tokens.
The community is eagerly anticipating the introduction of a portal designed to automatically burn SHIB tokens. This portal is currently undergoing rigorous testing on the testnet version of Shibarium, known as Puppynet.
Upcoming Technical Analysis:
Technical analysis indicates a potential “Golden Cross” or “Death Cross” scenario, where the 50-day Simple Moving Average (SMA) and the 100-day SMA intersect. This intersection often carries significant implications for the future price trajectory of SHIB.
