Is This Why Shiba Inu (SHIB) Price Surges 23% Daily?

SHIB is now the 14th largest cryptocurrency with a market cap of over $11 billion. Shiba Inu (SHIB) is up 23% in the past 24 hours, mainly due to a significant increase in its token burn rate (up to 33,800%) and the progress of second-layer solution Shibarium.

While analysts are predicting significant price appreciation for SHIB, erasing the two zeroes from its current valuation would require a market capitalization of $800 billion, which is nearly impossible to achieve.

Crypto market’s climb

Shiba Inu (SHIB) has been one of the best-performing cryptocurrencies in the past 24 hours, reaching a price of $0.00001895 (according to CoinGecko data). Its market capitalization has exceeded $11 billion, making it the 14th largest coin in the entire crypto market, still It is the second largest meme coin after Dogecoin (DOGE), which has a market value of nearly $18 billion.

The significant rebound of SHIB is accompanied by the rapid growth of its combustion mechanism. Data shows that SHIB’s burn rate soars by 33,800% every day, with nearly 2 billion tokens being sent to empty addresses. This plan is intended to reduce the circulating supply of SHIB, potentially pushing up prices in the face of unchanged or rising demand. Since the introduction of this mechanism, the SHIB team and community have destroyed more than 410 trillion tokens, with approximately 583.5 trillion remaining in circulation.

Another factor helping SHIB rebound is the progress of Shibarium. The network recently successfully processed over 7 million blocks, and the total transaction volume has exceeded 420 million.

Overall performance of the industry

It’s worth noting that SHIB isn’t the only memecoin to see significant gains. The market value of the entire industry has risen 14% in the past 24 hours and is currently around $54 billion. Several memecoins including Dogecoin (DOGE), Pepe (PEPE), Bonk Inu (BONK), and Floki Inu (FLOKI) all posted double-digit gains.

SHIB's potential targets

One analyst following the meme coin’s rise, X user JAVON MARKS, pointed out multiple confirmed bullish patterns on his price chart, predicting that SHIB could rise by 315% to $0.000081.

Meanwhile, another X user pepa put forward a more optimistic prediction, believing that SHIB may erase two zeros in the near future. Still, this would require SHIB's market capitalization to surge to nearly $800 billion, making this prediction nearly impossible to achieve.