TL;DR
- Shiba Inu (SHIB) experienced a 6% price increase today, making it the best performer among the top 20 cryptocurrencies.
Its rally occurs amidst a broader positive trend in the meme coin market, where other assets like DOGE and MEW also recorded gains.
The Possible Reasons
On April 17, Shiba Inu (SHIB), the second largest meme coin, is showing impressive gains among the top 20 cryptocurrencies, experiencing a 6% surge in value within a single day.
Its rally could be attributed to numerous important factors, such as the massive burn rate increase. As CryptoPotato reported, the team behind Shiba Inu burned almost 800 million tokens in the past week, while the destroyed assets throughout March surpassed the 15.5 billion mark. The program’s ultimate goal is to reduce SHIB’s tremendous supply, making it scarcer and potentially more valuable in time.
An additional factor that could have contributed is the revival of Shibarium, a layer-2 scaling solution for the network. The number of daily transactions has been increasing significantly, and the total number of transactions has now exceeded 400 million.
Last summer saw the arrival of Shibarium, with a goal to outshine meme coin competitors through advancements in speed, reduced transaction costs, and heightened scalability. For those intrigued by these new features, check out the enlightening video we’ve prepared below.
Overall Meme Coin Revival
The current price surge of Shib is happening at the same time that there’s a positive trend for meme coins as a group. Notable meme coins like Dogecoin (DOGE), Wif, Floki Inu (FLOKI), and Bonk Inu (BONK) have experienced some growth over the past day, but Shiba Inu’s increase has been more significant.
The best performer in the realm is once again the Solana-based meme coin Cat in a Dogs World (MEW), whose valuation jumped by 40%. Other notable gainers include PEPE (8%), PUPS (19%), and SLERF (13%).
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2024-04-17 10:44