As a seasoned crypto investor with a keen interest in meme coins, I’ve witnessed the rollercoaster ride that is the world of SHIB. The latest surge in its price and market capitalization comes as no surprise to me, given the overall revival of the meme coin sector.
TL;DR
- Shiba Inu (SHIB) rose by 16% daily, reaching a market cap of $16.9 billion, making it the 11th largest cryptocurrency.
The surge coincides with an overall meme coin revival, with many other assets witnessing substantial price increases.
SHIB Steps up
In recent hours, the meme coin sector has created a stir, with its total market value exceeding $70 billion for the first time. Many meme coins are among the top gainers in the market on May 29, experiencing double-digit percentage price increases.
Shiba Inu (SHIB), often referred to as the “Dogecoin-killer,” experienced a significant surge of more than 16% within a 24-hour timeframe. Consequently, its market capitalization reached an impressive peak of around $17 billion, surpassing Cardano (ADA) and securing a position among the top 11 largest cryptocurrencies with a current market cap roughly equivalent to $16.9 billion (according to CoinGecko’s latest data).
In spite of its recent growth, Shiba Inu (SHIB) continues to rank as the second largest meme coin. Dogecoin (DOGE), on the other hand, leads with a market cap exceeding $24 billion.
The surge in Shiba Inu’s value recently aligns with significant improvements within its ecosystem. Notably, trading volume has reached almost $1.9 billion over the past 24 hours, surpassing DOGE ($1.2 billion), PEPE ($1.3 billion), and other meme coins in terms of volume.
I analyzed the daily trading data for SHIB and found that transactions exceeding $100,000 reached a total volume of $214 million. This represents a significant jump of 135% compared to the volume recorded on May 28th.
As a researcher examining data from IntoTheBlock, I’ve discovered that about 70% of Shiba Inu holders now enjoy paper profits. Contrastingly, back in September the previous year, approximately 90% of investors interacting with this asset were underwater.
The Potential Contributing Factors
Two essential elements that may have impacted the most recent Shiba Inu revival are the project’s burning mechanism and the advancement of its layer-2 scaling solution – Shibarium.
As a crypto investor, I’ve noticed that according to CryptoPotato’s latest report, the burn rate of this meme coin saw an astonishing surge by nearly 600% about a week ago. This significant increase led to the destruction of around 10 million tokens. The objective behind this burn mechanism is to diminish the vast circulating supply, making the token more exclusive and potentially increasing its value over time, assuming demand remains constant or even grows. To date, the SHIB team has transferred approximately 41% of the total supply into a null address.
Shibarium, with its objective of outperforming competitors through reduced transaction fees and enhanced speed since its summer debut, has achieved significant progress. It surpassed several milestones, including exceeding the 400 million mark in total transaction value.
The system underwent two significant enhancements to enhance user experience, boost the capabilities of our developer and innovator community, and expedite block processing times. For those eager to discover more about Shibarium, kindly check out the informative video we’ve prepared for you below:
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2024-05-29 10:16