Heads up, crypto enthusiasts! Shiba Inu (SHIB) is making waves again and could soon join the elite top 15 club of cryptocurrencies. This popular meme coin has seen its price soar by more than 10% today, hitting a nearly two-month high of around $0.00001634. With a market cap now at a hefty $9.7 billion, SHIB is back at levels last seen in late July.
This surge has the SHIB community buzzing. According to IntoTheBlock, about 50.3% of SHIB investors are currently in the green, while 43% are still waiting for their moment. Interestingly, nearly 80% of SHIB holders have been in it for the long haul, holding for over a year. Only a small fraction, 2%, jumped on board in the past month.
SHIB's rise is part of a broader meme coin revival, with the sector's market cap approaching $50 billion. Other meme coins like Dogecoin (DOGE), Pepe (PEPE), and Bonk Inu (BONK) are also enjoying a good run. However, not all meme coins are basking in the glow; Dogs (DOGS) and Neiro (NEIRO) have seen some losses over the past day.
Several factors seem to be fueling SHIB's latest rally. For starters, the layer-2 scaling solution Shibarium is making significant strides, recently surpassing 7 million processed blocks. Then there's SHIB's burn rate, which has skyrocketed by 640% daily, with around 5.5 million tokens sent to a null address. This burn mechanism aims to reduce the circulating supply, potentially driving up the price through scarcity. Over the years, more than 410 trillion tokens have been burned, leaving 583.5 trillion in circulation.
Some market watchers are optimistic about SHIB's future. Analysts like JAVON MARKS and pepa are bullish, predicting significant price hikes. JAVON MARKS believes SHIB could climb to $0.000081, while pepa envisions a mind-blowing 10,000% increase. While the latter seems a bit of a moonshot, it’s clear the SHIB army is pumped and ready for whatever comes next.
So, keep your eyes peeled, folks! Shiba Inu is on the move, and it might just surprise us all.
