Why is the Shiba Inu (SHIB) Price Up Today?
2024-09-26

TL;DR
SHIB’s Rally
The popular meme coin – Shiba Inu (SHIB) – 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 CoinGecko’s data). Its market capitalization surged to $9.7 billion, a level last observed at the end of July.
Shiba Inu has a vast community base consisting of holders and proponents. According to IntoTheBlock, around 50.3% of all SHIB investors are sitting on some paper profits as of the moment, whereas 43% are underwater.
It is interesting to note that almost 80% of the holders hopped on the bandwagon more than a year ago. 19% did so in the past 12 months, while only 2% joined the ecosystem in the last 30 days.
SHIB’s resurgence coincides with an overall revival of the entire meme coin niche, whose market cap is inching toward $50 billion. Dogecoin (DOGE), Pepe (PEPE), dogwifhat (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 very few that have witnessed some losses in the past 24 hours.Taking a Closer Look
There are many bullish factors that may have contributed to SHIB’s latest price increase. One example is the advancement of the layer-2 scaling solution – Shibarium. As CryptoPotatoreported, the processed blocks on the network recently surpassed 7 million.
Next on the list is SHIB’s burn rate which has skyrocketed by 640% on a daily basis, resulting in approximately 5.5 million tokens sent to a null address.
The mechanism’s 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 were destroyed, leaving 583.5 trillion in circulation.
Some analysts believe SHIB’s price could jump much higher in the near future. Examples are the X users JAVON MARKS and pepa. The former thinks the coin might be gearing up for a spike toward $0.000081, while the latter predicted a whopping 10,000% increase.
The second scenario is quite improbable considering the fact that Shiba Inu’s market capitalization must explode to around $800 billion.