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Dogecoin Killer' Shiba Inu's SHIB/USD constant gains and rising burn rates could lead the meme coin towards an inevitable bull run.
What Happened: Shibburn data shows the burn rate increased by 297.3% in the past 24 hours, with 899,940 coins removed from the ecosystem. Shiba Inu has been consistently burning coins over the past week, increasing the scarcity of SHIB.
Shiba Inu announced that it will be the title sponsor of ETHToronto which is scheduled for Aug.13 to Aug.14. The event is a highlight of the Blockchain Futurist Conference and marks a significant week in Canada's cryptocurrency and blockchain showcase.
In last year's event, Shiba Inu launched its Layer-2 solution, Shibarium, on the Ethereum blockchain. Shibarium has since processed more than 400 million transactions.
Shytoshi Kusama, Shiba Inus lead developer, said, "ETHToronto has always been an important event for us when it comes to making news and outlining the steps on our roadmap to becoming the ultimate decentralization hub."
Also Read: Is Dogecoin Killer Shiba Inu Approaching A Golden Cross? Heres What Technical Analysis Says
Why It Matters: IntoTheBlock data shows large transaction volume increased by 86.5% and daily active addresses grew by 25%. Also, transactions greater than $100,000 more than doubled from 82 transactions as of July 15 to 187 as of July 16.
Shiba Inu is currently trading around 3% away from the $0.00002 mark, another significant milestone. It is up 15% over the past week.
Crypto Sheriff noted in a latest tweet reaffirmed that Shiba's consolidation is over, and these could be the first steps of an "inevitable bull run."
Whats Next: The influence ofmeme coins and Bitcoin as an institutional asset classis expected to be thoroughly explored at Benzingas upcomingFuture of Digital Assetsevent on Nov. 19.
Read Next: Dogecoin, Shiba Inu, Pepe Will Still Have Supercycle But 2021 May Never Happen Again, Muses Trader
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