Discussing the driving force behind Shiba Inu (SHIB)’s 23% daily price increase
Shiba Inu (SHIB) currently ranks 14th in the cryptocurrency market capitalization rankings, and its market value has exceeded the $11 billion mark. Recently, the price of SHIB has soared by an astonishing 23% in 24 hours. There are two main driving forces behind this significant increase: one is the sharp increase in its token burning rate (up to 33,800%), and the other is the second layer Solution Positive progress on the Shibarium project.
While market analysts are optimistic about SHIB's price outlook and predict it will rise sharply, achieving the feat of erasing two zeros from the current price, i.e. reaching a level that would see the market capitalization surge to nearly $800 billion, would be challenging. widely regarded as an almost impossible task.
The crypto market boom
SHIB has been one of the brightest performing cryptocurrencies over the past 24 hours, with its price climbing to $0.00001895 (according to CoinGecko data). This strong performance not only jumped its market capitalization to over $11 billion, but also solidified its position as the second-largest meme coin behind Dogecoin (DOGE), which has a market capitalization of nearly $18 billion.
SHIB prices soar for twin engines
The significant rebound in SHIB prices is inseparable from its unique combustion mechanism. This mechanism caused SHIB’s burn rate to surge by 33,800% daily, meaning that nearly 2 billion tokens were permanently removed from circulation and sent to invalid addresses. This move is intended to reduce the supply of SHIB on the market, thereby supporting prices if demand remains unchanged or increases. Since its implementation, the SHIB team has worked together with the community to destroy more than 410 trillion tokens, and the number of tokens in circulation is currently approximately 583.5 trillion.
