{"id":9561,"date":"2024-09-26T07:50:04","date_gmt":"2024-09-26T07:50:04","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=9561"},"modified":"2024-09-26T07:50:04","modified_gmt":"2024-09-26T07:50:04","slug":"why-is-the-shiba-inu-shib-price-up-today","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=9561","title":{"rendered":"Why is the Shiba Inu (SHIB) Price Up Today?"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

Shiba Inu (SHIB) rose over 10%, reaching a two-month high, with a market cap of $9.7 billion.
\nThe revival aligns with Shibarium\u2019s progress and a 640% increase in the burn rate, reducing supply and driving optimism.<\/p>\n

<\/a><\/span><\/h2>\n

SHIB\u2019s Rally<\/h2>\n

The popular meme coin<\/span> \u2013 <\/span>Shiba Inu (SHIB)<\/span> \u2013 <\/span>is among the top-performing leading cryptocurrencies today (September 26), with its price jumping by over 10%. It currently trades at a nearly two-month high of approximately $0.00001634 (per <\/span>CoinGecko\u2019s<\/span> data).<\/span> Its market capitalization surged to $9.7 billion, a level last observed at the end of July.\u00a0<\/span><\/p>\n

<\/a>SHIB Price, Source: CoinGecko<\/p>\n

Shiba Inu has a vast community base consisting of holders and proponents. <\/span>According<\/span><\/a> to IntoTheBlock, around 50.3% of all SHIB investors are sitting on some paper profits <\/span>as of the moment<\/span>, whereas 43% are underwater.<\/span><\/p>\n

It is interesting to note that<\/span> almost 80% of the holders hopped on the bandwagon more than a year ago.<\/span> 19% did so in the past 12 months, while only 2% joined the ecosystem in the last 30 days.<\/span><\/p>\n

SHIB\u2019s resurgence coincides with an overall revival of the <\/span>entire<\/span> meme coin niche, whose market cap is inching toward $50 billion. Dogecoin (DOGE), Pepe (PEPE), <\/span>dogwifhat<\/span> (WIF), Bonk Inu (BONK), and many more are well in the green on a daily and weekly scale. On the other hand, Dogs (DOGS) and Neiro (NEIRO) are among the <\/span>very few that<\/span> have witnessed some losses in the past 24 hours.<\/span><\/p>\n

Taking a Closer Look<\/span><\/h2>\n

There are many bullish factors that<\/span> may have contributed to SHIB\u2019s latest price increase. One example is the advancement of the layer-2 scaling solution<\/span> \u2013 <\/span>Shibarium.<\/span> As <\/span>CryptoPotato<\/span><\/em> reported<\/span><\/a>, the processed blocks on the network recently surpassed 7 million.\u00a0<\/span><\/p>\n

Next on the list is SHIB\u2019s burn rate which has <\/span>skyrocketed<\/span><\/a> by 640% <\/span>on a daily basis<\/span>, resulting in approximately 5.5 million tokens sent to a null address.<\/span><\/p>\n

The mechanism\u2019s ultimate goal is to reduce the circulating supply of the meme coin, potentially triggering a price rally through scarcity. Over the past years, over 410 trillion tokens <\/span>were destroyed<\/span>, leaving 583.5 trillion in circulation.<\/span><\/p>\n

Some analysts believe SHIB\u2019s price could jump much higher <\/span>in the near future<\/span>. Examples are the X users JAVON MARKS and <\/span>pepa<\/span>. The former <\/span>thinks<\/span><\/a> the coin might be gearing up for a spike toward $0.000081, while the latter predicted a whopping 10,000% increase.\u00a0<\/span><\/p>\n

The second scenario is quite improbable <\/span>considering the fact that<\/span> Shiba Inu\u2019s market capitalization must explode to around $800 billion.<\/span><\/p>\n

The post Why is the Shiba Inu (SHIB) Price Up Today?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Shiba Inu (SHIB) rose over 10%, reaching a two-month high, with a market cap of $9.7 billion. The revival aligns with Shibarium\u2019s progress and a 640% increase in the burn rate, reducing supply and driving optimism. SHIB\u2019s Rally The popular meme coin \u2013 Shiba Inu (SHIB) \u2013 is among the top-performing leading cryptocurrencies today […]<\/p>\n","protected":false},"author":0,"featured_media":9562,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9561","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/9561"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9561"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/9561\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/9562"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9561"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9561"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9561"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}