Shiba Inu’s new NFT marks this milestone: Impact on SHIB?

  • SHIB saw close to a 1% price recovery.
  • There was a recent spike in SHIB’s 24-hour burn rate.

Per a post from Shibtoken on X (formerly Twitter), the SHEB NFT and token launched by Shiba Inu [SHIB] have already been sold out.

To add to it, the NFT was listed on an exchange on the 23rd of February – securing a listing within 24 hours of being sold out.

Did the activity generated by the newly launched NFT impact the network’s transaction volume?

Impact on the Shibarium transactions?

AMBCrypto’s examination of daily Shibarium transactions showed two notable spikes in February. The initial major spike occurred on the 20th of February, with a daily transaction count of over 4 million.

This marked the highest volume of daily transactions in the last 30 days.

The second substantial spike occurred on the 23rd of February, when the number went over 3.9 million. The transaction volume had decreased slightly to around 2.7 million at the time of this writing.

Shiba Inu burn rate spikes briefly

Furthermore, AMBCrypto’s examination showed consistently positive burn rates in the past few days. However, in the early hours of the 24th of February, the burn rate experienced a substantial spike in volume.

Data from Shibburn showed a remarkable 33,000% surge in the 24-hour burn rate, with the seven-day burn rate rising to over 71%.

At the time of this writing, the 24-hour burn rate had reduced to around 55%, but the seven-day burn rate had increased to over 166%.

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SHIB maintains a bull trend

AMBCrypto’s look at SHIB’s price movement on a daily timeframe showed price drops over the past few days. However, at the time of this writing, a slight recovery was evident, with an almost 1% increase.

Despite the previous declines, Shiba Inu has managed to sustain its trend above the neutral line on its Relative Strength Index (RSI). At the time of this writing, its RSI remained above the neutral line.

Next: Why Cardano’s price might sink lower in February

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