{"id":9826,"date":"2024-09-27T05:44:28","date_gmt":"2024-09-27T05:44:28","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=9826"},"modified":"2024-09-27T05:44:28","modified_gmt":"2024-09-27T05:44:28","slug":"is-this-why-shiba-inus-shib-price-soared-23-daily-details","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=9826","title":{"rendered":"Is This Why Shiba Inu\u2019s (SHIB) Price Soared 23% Daily? (Details)"},"content":{"rendered":"

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

Shiba Inu (SHIB) surged 23% in 24 hours, potentially fueled by an explosion in its token burn rate (33,800% increase) and progress on its layer-2 solution, Shibarium.
\nDespite analyst predictions of significant price gains, reaching targets like erasing two zeroes from SHIB\u2019s valuation would require a highly improbable market cap of $800 billion.<\/p>\n

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

Climbing the Crypto Ladder<\/h2>\n

Shiba Inu (SHIB) has been the best-performing cryptocurrency in the past 24 hours (from the top 100 <\/span>club<\/span>), registering a 23% price increase. It <\/span>currently<\/span> trades at approximately $0.00001895 (per CoinGecko\u2019s data), a level last observed mid-July.<\/span><\/p>\n

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

Its market cap jumped above $11 billion, making it the 14th-biggest in the entire crypto sector. The meme coin remains the second-largest in its niche, trailing behind only Dogecoin (DOGE), whose capitalization is inching towards $18 billion.<\/span><\/p>\n

SHIB\u2019s impressive resurgence coincides with an explosion of its burning mechanism. Data <\/span>shows<\/span><\/a> that the burn rate has skyrocketed by 33,800% <\/span>on a daily scale<\/span>, resulting in almost 2 billion tokens sent to a null address.<\/span><\/p>\n

The program\u2019s ultimate goal is to reduce the tremendous circulating supply of Shiba Inu, potentially triggering a price increase (should demand remain the same or rise).\u00a0<\/span>The<\/span> team and the SHIB community have destroyed over 410 trillion tokens <\/span>since the adoption of the mechanism<\/span>, leaving around 583.5 trillion in circulation.<\/span><\/p>\n

Another factor <\/span>possibly<\/span> contributing to the asset\u2019s rally is the progress of the layer-2 scaling solution \u2013 Shibarium.<\/span> Recall that the network recently <\/span>surpassed<\/span><\/a> the 7 million milestone in <\/span>terms of<\/span> processed blocks, while the number of total transactions is just south of 420 million.\u00a0<\/span><\/p>\n

It is worth mentioning that SHIB is not the only meme coin charting significant gains today (September 27). The sector\u2019s market cap is up 14% in the last 24 hours, currently <\/span>set<\/span> at roughly $54 billion. <\/span><\/p>\n

Leading memes, including Dogecoin (DOGE), Pepe (PEPE), Bonk Inu (BONK), Floki Inu (FLOKI), and many more have spiked by double digits. <\/span>Conversely, PepeCoin (PEPECOIN), Tron Bull (BULL), and Toshi (TOSHI) are among the very few <\/span>witnessing<\/span> some<\/span> losses.<\/span><\/p>\n

SHIB\u2019s Next Potential Target<\/span><\/h2>\n

One <\/span>popular<\/span> analyst who <\/span>envisioned<\/span><\/a> further gains for the meme coin is the X user JAVON MARKS. The trader noticed \u201cmultiple confirmed bullish patterns\u201d on its price chart, suggesting it could <\/span>be headed<\/span> toward a 315% jump to as high as $0.000081.<\/span><\/p>\n

Not long ago, the X user <\/span>pepa<\/span> outlined<\/span><\/a> an even more optimistic forecast, claiming SHIB could erase two zeroes from its valuation <\/span>in the near future<\/span>.<\/span> Nonetheless, this would require its market capitalization to explode to nearly $800 billion, making the prediction <\/span>quite<\/span> improbable.\u00a0<\/span><\/p>\n

The post Is This Why Shiba Inu\u2019s (SHIB) Price Soared 23% Daily? (Details)<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Shiba Inu (SHIB) surged 23% in 24 hours, potentially fueled by an explosion in its token burn rate (33,800% increase) and progress on its layer-2 solution, Shibarium. Despite analyst predictions of significant price gains, reaching targets like erasing two zeroes from SHIB\u2019s valuation would require a highly improbable market cap of $800 billion. Climbing […]<\/p>\n","protected":false},"author":0,"featured_media":9827,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9826","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\/9826"}],"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=9826"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/9826\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/9827"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9826"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9826"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9826"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}