Welcome, Crypto Enthusiast!
Come on board as we delve into the recent surge of Shiba Inu (SHIB) and explore the factors driving this meme coin to new heights in the cryptocurrency market. Let’s uncover the latest developments and potential contributing factors behind SHIB’s remarkable rise 🚀.
SHIB Steps up
The meme coin sector has made waves in the past several hours, with its market capitalization surpassing the $70 billion mark. Numerous assets of that type are among the best performers in the market today (May 29), registering double-digit price jumps.
- Shiba Inu (SHIB) surged by over 16% in the last 24 hours
- Market cap touched $16.9 billion
- Ranked as the 11th largest cryptocurrency
- Overtook Cardano (ADA) in market cap briefly
- SHIB remains the second-biggest meme coin after Dogecoin (DOGE)
Trading volume in the past 24 hours has pumped to nearly $1.9 billion, trumping DOGE ($1.2 billion), PEPE ($1.3 billion), and all other meme coins on that front.
SHIB Volume and Holders Profits
- SHIB’s aggregated daily volume exceeded $214 million
- Signifying a 135% increase from May 28
- 70% of SHIB holders are currently in profit
- A significant shift from September 2020
The Potential Contributing Factors
Two essential elements that may have impacted the most recent Shiba Inu revival are the project’s burning mechanism and the advancement of its layer-2 scaling solution – Shibarium.
- Burn rate surged by almost 600% recently
- Nearly 10 million tokens destroyed
- Objective: reduce circulating supply to increase scarcity
- Shibarium aims to lower fees and improve transaction speed
Shibarium has achieved significant milestones since its launch:
- Surpassed 400 million total transactions
- Implemented two major upgrades for better user experience
Explore Shibarium Further
- Learn more about Shibarium’s features and advancements
- Watch our dedicated video for insights
Hot Take 🌶️
As we wrap up our analysis, the surge in Shiba Inu reflects a broader trend of meme coins gaining traction in the market. Keep an eye on SHIB’s development and the impact of Shibarium on its growth trajectory. Stay tuned for more updates in the dynamic world of cryptocurrencies!
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