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.
Source: CoinGecko
Multiple media reports suggest the rally is due to a massive burn rate spike — over 7,400% — and a reduced supply. Whether this momentum will be sustained remains to be seen.
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In a Nov. 21 X post, Analyst Ali Martinez predicted that SHIB could climb to $0.000037— 54% above its price at the time.
Another analyst, Javon Marks, anticipated a potential rally to $0.000081, representing an increase of over 200%.
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Shiba Inu tokens keep burning
On Sunday, Shiburn data revealed a 984.26% spike in Shiba Inu token burns over the past seven days, with the circulating supply now at around 589.2 trillion.
Crypto.news previously reported that Shibarium, its layer-2 blockchain, processed more than 541 million transactions in recent months.
Observers note that the network growth is bullish for SHIB, as transaction fees — collected in BONE tokens — are partially converted into SHIB and burned, further lowering supply.
HOURLY SHIB UPDATE$SHIB Price: $0.00003252 (1hr 1.56% ▲ | 24hr 21.05% ▲ )Market Cap: $19,167,618,734 (21.10% ▲)Total Supply: 589,259,828,035,141TOKENS BURNTPast 24Hrs: 13,248,431 (-98.33% ▼)Past 7 Days: 2,160,039,057 (984.26% ▲)
— Shibburn (@shibburn) December 1, 2024
BONE is the governance token of the Shiba Inu ecosystem, enabling holders to participate in decision-making via the so-called Doggy DAO.
It is essential for the Shibarium Layer 2 blockchain, where it is used to pay gas fees and incentivize validators and delegators. Its role highlights Shiba Inu’s transition from a meme token to a broader blockchain project with decentralized governance and utility.
SHIB whale accumulation is also a trend. Per IntoTheBlock, large holder netflow surged by 256% on Nov. 21. Whales accumulated 393.48 billion SHIB tokens worth over $9.8 million, compared to the $6 million sell-off recorded the previous day.
Bitcoin’s (BTC) anticipated surge to $100,000 could also prople the Shiba Inu rally.
Shiba Inu began as an experiment in community-driven cryptocurrency and was heavily inspired by Dogecoin (DOGE), branding itself as the “Dogecoin Killer.”
Unlike traditional cryptocurrencies, Shiba Inu emphasized decentralization and a grassroots approach, relying on its community, the “Shib Army,” for growth and adoption.
The token’s creator, known only as “Ryoshi,” has maintained anonymity and described themselves as unimportant, stating the project belongs entirely to its community.
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