Shiba Inu SHIB/USD is trading up 11% in the last 24 hours due to increased whale transactions and a major use case update for one of its tokens, TREAT.
What happened: Shiba Inu gains amount to 60%, according to CoinMarketCap data.
Lucie, the marketing manager of Shiba Inu, indicated that its next token, TREAT, has a significant use case.
The reward token will provide liquidity to the upcoming SHI stablecoin and replace the BONE token as the reward token for ShibaSwap, Shiba Inu’s decentralized exchange.
TREAT will also provide rewards for SHIB: The Metaverse and the blockchain version of the Shiba Inu-themed trading card game Shiba Eternity.
There is a high probability of the presence of Shiba Inu lead developer Shytoshi Kusama at the ongoing ETHDenver 2024. The event ends March 7, and the Shiba Inu community is speculating about a major development.
Read also: A Shiba Inu Whale Just Bought 551 Billion SHIB – Last Time They Did This, SHIB Pumped Up 1,100%
Because matter: Data from IntoTheBlock indicates that transactions over $100,000 amounted to 495 transactions on February 29, compared to 221 transactions on February 28 – more than doubling in a single day.
In February, Shibarium burned 643.7 million tokens, worth $8,264. However, this is lower than January levels of 9.93 billion SHIB tokens.
The community expects a portal that will automatically burn SHIB tokens. It is undergoing rigorous testing on Shibarium’s testnet version, Puppynet.
What’s next: Technical analysis shows that when the 50-day simple moving average (SMA) and the 100-day SMA meet at a single cross, it is commonly referred to as the “Golden Cross” or “Death Cross”, depending on the direction.
The Benzinga Labs chart indicates that the 50-day SMA has crossed above the 100-day SMA, marking a Golden Cross.
However, the RSI indicator at 100 indicates extremely overbought conditions and a potential reversal signal.
IntoTheBlock data shows that 57% of holders are in profit, 57% are at breakeven, and the remaining 37% are in the red.
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