SHIB Rally

The popular meme coin — Shiba Inu (SHIB) — is one of the best performing leading cryptocurrencies today (September 26) with its price up more than 10%. It is currently trading near a two-month high at around $0.00001634 (according to data from Coingecko). Its market capitalization has surged to $9.7 billion, its highest level since late July.

Shiba Inu has a large community base, including holders and supporters. According to IntoTheBlock, about 50.3% of SHIB investors are currently holding some paper profits, while 43% of investors are in a loss.

It is worth noting that almost 80% of holders joined the bandwagon more than a year ago. 19% of holders joined the bandwagon within the past 12 months, while only 2% of holders joined the ecosystem within the past 30 days.

SHIB’s recovery coincides with the overall recovery of the entire meme coin market, which is gradually approaching $50 billion in market capitalization. Many coins such as Dogecoin (DOGE), Pepe (PEPE), dogwifhat (WIF), Bonk Inu (BONK) are performing well on the daily and weekly scales. On the other hand, Dogs (DOGS) and Neiro (NEIRO) are among the very few coins that have seen losses in the past 24 hours.

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There are a number of positive factors that may have driven SHIB’s latest price surge. One example of this is the progress made by Shibarium, a layer 2 scaling solution. As CryptoPotato reported, the number of blocks processed on the network recently surpassed 7 million.

Next is SHIB’s burn rate, which surged 640% on a daily basis, resulting in approximately 5.5 million tokens being sent to empty addresses.

The ultimate goal of this mechanism is to reduce the circulation of memecoins, potentially triggering price increases through scarcity. Over the past few years, more than 410 trillion memecoins have been destroyed, leaving 583.5 trillion memecoins in circulation.

Some analysts believe that the price of SHIB could rise significantly in the near future. For example, X users JAVON MARKS and pepa. The former believes that the token could soar to $0.000081, while the latter predicts a massive increase of 10,000%.

The second scenario is unlikely, considering Shiba’s market cap would have to balloon to around $800 billion.

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