As a seasoned researcher with years of experience navigating the tumultuous seas of the cryptocurrency market, I must admit that the recent surge of Shiba Inu (SHIB) has piqued my interest. Having closely followed the meme coin’s journey since its inception, I can attest to its penchant for dramatic swings and unexpected twists.
TL;DR
- Shiba Inu (SHIB) surged 23% in 24 hours, potentially fueled by an explosion in its token burn rate (33,800% increase) and progress on its layer-2 solution, Shibarium.
Despite analyst predictions of significant price gains, reaching targets like erasing two zeroes from SHIB’s valuation would require a highly improbable market cap of $800 billion.
Climbing the Crypto Ladder
In the past 24 hours, Shiba Inu (SHIB) has been the top performer among the top 100 cryptocurrencies, experiencing a 23% price surge. At present, it is trading around $0.00001895 according to CoinGecko’s data, a level not seen since mid-July.
The market value of this cryptocurrency surpassed 11 billion dollars, placing it as the 14th largest in the overall crypto market. Despite this, it continues to be the second most prominent meme coin, with Dogecoin (DOGE) being the first due to its approaching 18 billion dollar capitalization.
As a crypto investor, I’ve witnessed an extraordinary comeback of SHIB that seems to align with the intense surge of its burn mechanism. The data indicates that the burn rate has soared by an astounding 33,800% on a daily basis, which translates to nearly 2 billion tokens being sent to a null address.
The primary objective of the program is to decrease the vast quantity of Shiba Inu coins in circulation, which could lead to a price rise if demand remains steady or increases (given the same or higher demand). Since the implementation of this mechanism, the team and SHIB community have eliminated over 410 trillion tokens, leaving approximately 583.5 trillion still in circulation.
An additional potential reason for the asset’s surge could be the advancements in Shibarium, a layer-2 scaling solution. Notably, the network has recently exceeded 7 million blocks processed, with close to 420 million total transactions.
It’s important to note that SHIB isn’t the only meme coin experiencing notable growth today (September 27). In fact, the overall sector has seen a 14% increase in market cap over the past 24 hours, currently standing around $54 billion.
As a researcher studying digital currencies, I’ve noticed that popular meme coins like Dogecoin (DOGE), Pepe (PEPE), Bonk Inu (BONK), Floki Inu (FLOKI) have seen significant double-digit increases. On the flip side, only a few such as PepeCoin (PEPECOIN), Tron Bull (BULL), and Toshi (TOSHI) are experiencing minor losses.
SHIB’s Next Potential Target
A well-known analyst, JAVON MARKS, anticipates more growth for the meme coin. This trader has identified several bullish trends on its price graph, indicating it might surge by up to 315% and reach a potential high of $0.000081.
Recently, the X user predicted a more positive outlook, suggesting Shiba Inu (SHIB) could potentially drop two zeros from its current value. However, this would mean an unprecedented surge in market capitalization to around $800 billion, making such a prediction appear highly unlikely.
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2024-09-27 08:56