Shiba Inu Outshines ADA, XRP, And Other Altcoin Projects In Recent Price Surge

Shiba Inu is in the green today, gaining up to 5.6% earlier despite market volatility in the past 24 hours. This performance is much better than ADA’s (down by 2.8%) and other altcoins in the market today.

Market leader Bitcoin returned to $26,374 but is still down today as the market struggles with pressure from the bears. Today’s price boost might be attributed to the rise in the burn rate on the Shiba Inu network. 

Shiba Inu Burn Rate Rises Leading To Price Boost

Data from Shibburn reveals that Shiba Inu’s burn rate is up by a massive 839.07% in the last 24 hours. Notably, more addresses contributed to the rise in the overall SHIB token burns on the network. 

Also, the largest wallet contributing to the burns moved an additional 6.1 million SHIB tokens to the dead wallet. The token burns must have positively impacted Shiba Inu’s price outlook, as it recorded some gains in the last 24 hours. 

Additional Factors Boosting SHIB Price Today

Some other recent positive developments on Shiba Inu’s network could be boosting its current price gain

SHIB Whale Makes Massive Transfer

The blockchain monitoring service Whale Alert reported a significant whale transaction on the Shiba Inu network. 

According to the report, this transaction involves the transfer of over 3 trillion SHIB tokens valued at an estimated $25.6 million from one unknown wallet to another. 

Interestingly, the transaction attracted a minimal fee of $1.23 to the sender representing affordability, one of the strong points of the ecosystem. 

Shiba Inu Developer Unveils Shibcals IRL Coming To The Ecosystem

On June 16, a member of Shiba Inu’s development team, LUCIE, talked about the impending launch of an In-Real-Life (IRL) component of the Shiba Inu ecosystem developed by Shibcals.

LUCIE stated that Shiba Inu is not a mere digital phenomenon but a community thriving on real-world interactions. Also, she believes that this new feature will bridge the gap between Shiba Inu’s online presence and real-life user experience. 

The IRL enables the production of toys, headphones, clothes, chess sets, and checkers sets, among others. LUCIE notes that it will further bolster the power of inclusivity in the community among the SHIB Army.

Also, the IRL will feature SHIB-themed events, meetups, and conferences, which present opportunities to share ideas, strengthen bonds and create memories.

LUCIE believes that this IRL component will open the doors to an exciting collaboration with brands, influencers, and organizations that align with Shiba Inu’s values and mission. Notably, it enables every member of the SHIB Army, regardless of location, to participate in real-world experiences and adventures.

A user reacted positively to the news stating that it was awesome and that many talented and amazing people could unite in the SHIB ecosystem. 

Also, the user claims that although his SHIB investment has not yielded a profit, he feels blessed to meet and interact with many SHIB supporters. These events in SHIB’s ecosystem likely combined to give SHIB a price boost in the last 24 hours.