Shiba Inu Price Rockets 20%, Brett and Pepe Also Pumping - Time to Buy Meme Coins?
The meme coin market is heating up again, with Shiba Inu (SHIB) seeing a 20% price jump since yesterday.
Not to be outdone, the Boyâs Club-inspired duo, Brett (BRETT) and Pepe (PEPE), arenât far behind â racking up some impressive gains of their own.
Meme Coin Powerhouse Shiba Inu Rallies Once More
SHIBÂ is on a tear right now.
It has surged in the past 24 hours, now sitting at $0.0000191.
The token has also seen $1.3 billion in spot trading volume â making it the second most-traded meme coin behind Dogecoin (DOGE).
But itâs not just SHIBâs price and volumes that are grabbing attention.
Open interest in the token has rocketed by 78%, reaching $29.5 million.
So, whatâs driving all this hype?
One possible factor is the 33,000%+ daily increase in SHIBâs burn rate, with nearly 2 billion tokens sent to a null address.
The goal behind this burn system is to reduce SHIBâs circulating supply.
And the developers take this system seriously â over 410 trillion SHIB have already been burned.
That means thereâs just over 583 trillion left in circulation.
On top of that, Shiba Inuâs Layer-2 scaling solution, Shibarium, is still performing well.
It recently passed the 7 million block milestone and has processed 418 million total transactions.
