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Shiba Inu (SHIB) trading volume has seen a significant increase of 110% in the last 24 hours as the dog-themed cryptocurrency gains popularity. According to CoinMarketCap data, the total number of units moved between buyers and sellers may be a result of traders jumping into a volatile market in order to capture profits. Since reaching lows of $0.0000079 on December 28, SHIB has steadily risen and marked five positive days out of six, with intraday highs of $0.0000088 on December 5. Despite a slight retreat, SHIB remains up 3.15% at $0.0000084.
In addition to the increase in SHIB volume, the token’s governance token, BONE, has also received attention. BONE has seen an 11.76% increase in the last 24 hours, reaching $1.05 according to CoinMarketCap data. Its trading volume has similarly increased by 105% as traders seek to profit from the recent volatility.
The Shiba Inu team has also emphasized that BONE is and will remain the only token required for gas fees and use in the Shibarium. The SHIB burn rate, as indicated by the Shibburn website, is also up 33.53%. In the last 24 hours, 113,660,903 SHIB tokens were burned in seven transactions. In 2022, a total of 83,347,071,504 SHIB tokens were burned in 6,395 transactions.
WhaleStats reports that Shiba Inu is one of the most purchased tokens by Ethereum whales, including the 100 and 500 biggest whales tracked by the site. The recent Shibarium updates provided by the official Shibarium Twitter handle have also contributed to the momentum of the token.