Shiba Inu (SHIB) has experienced a remarkable surge in price, climbing 23% in just 24 hours. This surge has catapulted SHIB to the forefront of the cryptocurrency market, making it the best-performing asset in the top 100 club. As of the latest data from CoinGecko, SHIB is trading at approximately $0.00001895, a level not seen since mid-July. The coin’s market cap has also seen a significant increase, surpassing $11 billion and solidifying its position as the 14th-biggest cryptocurrency in the market.
Token Burn Rate Explosion
One of the key factors driving SHIB’s price surge is the sudden explosion in its token burn rate. Data shows that the burn rate has increased by a staggering 33,800% on a daily basis, resulting in nearly 2 billion tokens being sent to a null address. This burning mechanism is aimed at reducing the circulating supply of Shiba Inu, potentially leading to a price increase if demand remains steady or increases. Since the adoption of the burning mechanism, over 410 trillion tokens have been destroyed, leaving approximately 583.5 trillion in circulation.
Progress on Shibarium
In addition to the token burn rate increase, progress on SHIB’s layer-2 scaling solution, Shibarium, has also contributed to the coin’s rally. The network recently achieved a significant milestone by processing over 7 million blocks, with the total number of transactions nearing 420 million. This progress in enhancing the scalability and efficiency of the Shiba Inu network has likely boosted investor confidence and contributed to the recent price surge.
Market Trends
It’s important to note that SHIB is not the only meme coin experiencing significant gains in the market. The overall market cap of meme coins has surged by 14% in the last 24 hours, reaching approximately $54 billion. Leading meme coins such as Dogecoin (DOGE), Pepe (PEPE), Bonk Inu (BONK), and Floki Inu (FLOKI) have all recorded double-digit spikes in their prices. However, a few meme coins like PepeCoin (PEPECOIN), Tron Bull (BULL), and Toshi (TOSHI) have seen minor losses amidst the overall market rally.
Analyst Predictions
Some analysts have made optimistic predictions about SHIB’s future price potential. One analyst, JAVON MARKS, has identified multiple bullish patterns on SHIB’s price chart, suggesting a potential 315% jump to $0.000081. Another analyst, pepa, has gone even further by predicting that SHIB could potentially erase two zeroes from its valuation in the near future. However, achieving this would require SHIB’s market capitalization to skyrocket to nearly $800 billion, a feat that many consider highly improbable.
In Conclusion
The recent surge in Shiba Inu’s price can be attributed to a combination of factors, including the significant increase in its token burn rate and progress on its layer-2 scaling solution, Shibarium. While analysts have made optimistic predictions about SHIB’s future price potential, reaching certain price targets would require substantial market cap growth. As the meme coin market continues to evolve and attract investor interest, it will be interesting to see how Shiba Inu and other meme coins perform in the coming days and weeks.
