đžđ„SHIB showing some upward movement đ„đž
đ„đShiba Inu ($SHIB ) has surged by over 10%, reaching its highest point in two months, now boasting a market cap of $9.7 billion.
This upward momentum is linked to several factors, including the growing success of Shibarium and a massive 640% increase in SHIB's burn rate, which is lowering the coinâs circulating supply and boosting market optimism.
Shiba Inuâs price rally has captured attention as the token reached approximately $0.00001634, a level not seen since late July, according to CoinGecko.
With this rise, nearly half (50.3%) of all $SHIB investors are now seeing profits, while around 43% remain in the red. A notable 80% of SHIB holders have been invested for over a year, while 19% entered the market within the past 12 months.
The increased burn rate, reducing $SHIB âs supply by about 5.5 million tokens daily, is a major factor in the recent gains. Shibarium, the layer-2 scaling solution, has also surpassed 7 million processed blocks, marking significant progress. While some predict an even larger spike in SHIBâs value, such as a 10,000% surge, a market cap of $800 billion would be needed for that scenario to unfold, making it highly unlikely. However, the current momentum suggests SHIB could continue its upward trend in the near future.
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