$SHIB is among the top performers today (September 26), with its price up more than 10%. It is currently trading at its highest level in nearly two months, at around $0.00001634, according to CoinGecko data. Its market cap has also risen to $9.7 billion, a level not seen since the end of July.
Shiba Inu has a large fan base consisting of coin holders and supporters. According to IntoTheBlock data, about 50.3% of all SHIB investors are currently making fiat profits, while 43% of them are still in a loss position.
Interestingly, about 80% of holders joined more than a year ago. While 19% joined in the past 12 months, only 2% joined in the last 30 days.
$SHIB âs rally coincides with the overall recovery in the meme-inspired cryptocurrency market, with the sectorâs market cap approaching $50 billion. Other coins that saw daily and weekly gains include Dogecoin (DOGE), Pepe (PEPE), dogwifhat (WIF), and Bonk Inu (BONK). On the other hand, Dogs (DOGS) and Neiro (NEIRO) are among the few coins that saw some losses in the past 24 hours.
There are several positive factors that may have contributed to the recent surge in the price of SHIB. For example, the progress of the second layer scaling solution - Shibarium. According to CryptoPotato, the number of blocks processed on the network recently exceeded 7 million.
The next factor is the burn rate of $SHIB which has increased by 640% daily, sending about 5.5 million tokens to inactive addresses.
The ultimate goal of this mechanism is to reduce the circulating supply of the meme-inspired cryptocurrency, which could lead to a price spike due to scarcity. Over the past few years, over 410 trillion tokens have been destroyed, leaving 583.5 trillion tokens in circulation.
Some analysts believe that the price of SHIB could jump even higher in the near future. Among these users on the X platform are JAVON MARKS and pepa. The former believes that the coin could be on the verge of a surge of up to $0.000081, while the latter predicts a massive 10,000% increase.
The second scenario seems unlikely, given that Shiba Inu's market cap should explode to around $800 billion.
