As a seasoned analyst with over two decades of experience in the volatile world of cryptocurrencies, I’ve seen my fair share of market fluctuations and meme coin mania. The current surge in Shiba Inu (SHIB) price is nothing short of captivating, reminding me of the digital-age gold rush of 2017.
TL;DR
- Shiba Inu’s price has reached a five-month high amid overall resurgence of the entire meme coin niche.
- Check out some of the potential reasons fueling this significant rally.
SHIB on the Run
Recently, Shiba Inu (SHIB), the second-largest meme cryptocurrency, has been shining brightly in the crypto world. Within the past week, its price has skyrocketed by more than 50%, currently hovering around $0.00002576. Just a short while ago, it peaked at $0.00002737, a level not seen since May of this year.
At the point of composition, Shiba Inu’s market cap surpasses $15 billion, having just overtaken Tron (TRX), whose market cap currently hovers around $14.2 billion.
Among the top possibilities for why the asset has seen a surge in value are:
As a crypto investor, I’ve noticed an astonishing surge: the burn rate has skyrocketed by a staggering 1,837% in just the past 24 hours. This remarkable increase has led to over 463 million tokens being taken out of circulation. The intention behind this mechanism is clear – to gradually diminish the oversupply of SHIB, making it increasingly scarce and potentially more valuable in the future.
Since implementing the program, a grand total of burned tokens exceeds 410 trillion, implying that approximately 589 trillion tokens are now circulating.
Additional Factor
A factor potentially boosting SHIB’s recent price surge could be the return of Shibarium. Since early November, a massive number of daily transactions, running into millions, have been handled by this layer-2 scaling solution.
Currently, the total Shibarium transactions have nearly reached 500 million, and the total blocks are approximately 7.8 million.
The protocol significantly improves the Shiba Inu (SHIB) ecosystem by minimizing network congestion for swifter transaction speeds and cheaper fees. Furthermore, it includes a process that destroys tokens from circulation, much like the one described earlier, with the intention of increasing the SHIB price by potentially decreasing its supply.
For more updates on the ecosystem, check out our Shibarium news page.
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2024-11-11 13:56