Shiba Inu soars over 17% on heels of burn rate spike

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As a seasoned crypto investor with a knack for spotting undervalued potential, I find myself intrigued by the current surge of Shiba Inu (SHIB). Having witnessed the meteoric rise and fall of several meme coins, I’ve learned to approach them with a grain of salt. However, the recent 17.7% daily gain and 30% weekly spike has piqued my interest.

Dog-themed meme coin Shiba Inu is currently up by 17.7% for the day and 30% over the past week. 

The upward momentum marks the highest Shiba Inu (SHIB) reached since April 1.

Several news outlets indicate that the surge in attendance at the event could be attributed to an extraordinary increase in expenditure – over 7400% – and a decrease in availability. It’s uncertain whether this upward trend will persist moving forward.

On November 21st, Analyst Ali Martinez forecasted a potential increase in the value of SHIB, projecting it might reach approximately $0.000037, which represents an increase of 54% over its current price.

According to another analyst, Javon Marks, it’s forecasted that the price could surge up to around $0.000081, which translates to a significant jump of more than 200% compared to its current value.

Shiba Inu tokens keep burning

Last Sunday, data from Shiburn showed an astonishing 984.26% increase in Shiba Inu token burns during the previous week. This has led to a current circulating supply of approximately 589.2 trillion tokens.

Previously, as per a report from Crypto.news, it was mentioned that over 541 million transactions had been handled by Shibarium, their second-layer blockchain, in the past few months.

It’s observed that Shiba Inu (SHIB) network expansion is optimistic due to a process where transaction fees, paid in BONE tokens, get partly transformed into SHIB and then destroyed, thus reducing the overall supply.

Hourly Shiba Inu Report:

— Shibburn (@shibburn) December 1, 2024

The BONE token serves as the administrative token within the Shiba Inu universe, granting its owners the opportunity to take part in decision-making processes through a system known as the Doggy Decentralized Autonomous Organization (DDAO).

The Shibarium Layer 2 blockchain plays a crucial role, serving as the platform for paying gas fees and motivating validators and supporters. This function underscores Shiba Inu’s transformation from a meme-based token to a comprehensive blockchain initiative encompassing decentralized management and practical applications.

The increased acquisition of Shiba Inu (SHIB) by large investors is also a notable pattern. According to IntoTheBlock, the net flow from major holders jumped by an impressive 256% on November 21st. On this day, whales amassed approximately 393.48 billion SHIB tokens valued at more than $9.8 million, contrasting significantly with the $6 million worth of SHIB tokens sold off the previous day.

Bitcoin’s (BTC) anticipated surge to $100,000 could also prople the Shiba Inu rally.

Shiba Inu started off as a trial for a decentralized digital currency, with Dogecoin serving as its primary influence. It positioned itself as a potential replacement for Dogecoin, often referred to as the “Dogecoin Alternative.

Rather than following the standard model of cryptocurrencies, Shiba Inu prioritizes decentralization and fosters a groundswell movement through its community, known as the “Shib Army,” to drive expansion and acceptance.

The mysterious figure behind the token’s creation, referred to simply as “Ryoshi,” has chosen to remain hidden and has emphasized their insignificance in relation to the project, stressing instead that it is entirely owned by its dedicated community.

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2024-12-01 20:54