“Why Shiba Inu’s (SHIB) Price Jumped 23% in Just One Day!”

Summary

• Shiba Inu (SHIB) experienced a 23% increase in value within the last 24 hours, likely driven by a dramatic rise in its token burn rate (33,800% increase) and advancements in its layer-2 solution, Shibarium.
• While analysts foresee notable price growth, achieving objectives like removing two zeroes from SHIB’s price would necessitate an unrealistic market cap of $800 billion.

Ascending the Cryptocurrency Ranks

Shiba Inu (SHIB) has emerged as the leading performer among cryptocurrencies in the last 24 hours (from the top 100 list), achieving a price surge of 23%. Currently, it is valued at approximately $0.00001895 (according to CoinGecko), a level seen last in mid-July.

With a market capitalization exceeding $11 billion, it has climbed to the rank of 14th largest cryptocurrency. The meme coin is now the second largest within its category, only behind Dogecoin (DOGE), which approaches an $18 billion market cap.

The notable comeback of SHIB aligns with a surge in its token burning process. Data indicates that the burn rate has skyrocketed by 33,800% daily, leading to nearly 2 billion tokens being sent to a null address.

The aim of this initiative is to significantly reduce the circulating supply of Shiba Inu, possibly causing a price rise (if demand remains stable or increases). The SHIB community and team have eliminated over 410 trillion tokens since the mechanism’s inception, leaving an approximate total of 583.5 trillion still in circulation.

Additionally, the advancement of the layer-2 scaling solution, Shibarium, may also be contributing to the asset’s growth. The network recently surpassed the 7 million mark in processed blocks, with total transactions nearing 420 million. 

It’s also notable that SHIB isn’t the sole meme coin seeing substantial growth today (September 27). The entire meme coin sector’s market cap has risen by 14% within the last 24 hours, currently estimated at around $54 billion.

Prominent meme coins, including Dogecoin (DOGE), Pepe (PEPE), Bonk Inu (BONK), and Floki Inu (FLOKI), have all enjoyed significant double-digit gains. On the contrary, PepeCoin (PEPECOIN), Tron Bull (BULL), and Toshi (TOSHI) are among the rare few observing some losses.

SHIB’s Upcoming Target

One notable analyst who foresees further growth for the meme coin is X user JAVON MARKS. He has identified “multiple confirmed bullish patterns” in its price chart, indicating a potential upward movement of 315% to a price of $0.000081.

Recently, another X user, pepa, provided an even more optimistic estimate, suggesting SHIB could remove two zeroes from its price in the near future. However, achieving this would demand an extraordinary market cap of nearly $800 billion, making such predictions quite unlikely.