SHIB (Shiba Inu Coin) has experienced a significant rise recently, with the price soaring by 3%. Investors are generally concerned about whether this rise can be sustained?

Shiba Inu Coin (SHIB) price rose by nearly 3% today amid an overall recovery in the cryptocurrency market. At the same time, the meme currency sector showed strong performance, attracting the attention of investors.

1. Memecoin craze: The entire memecoin space showed strong performance, with the market value rising by 4.15% to $49.25 billion. In addition to Shiba Inu Coin, which rose by about 3%, other major meme coins such as Dogecoin, Pepe Coin, WIF, etc. also rose. Such moves may have attracted investor attention and capital inflows.

2. Shiba Inu Coin burning activity: Shiba Inu Coin has recently carried out a large-scale burning activity, with a burning rate of more than 6000%, showing the community's high concern about reducing the supply ashqu/nGawei: btc0877. This burning mechanism helps support price increases, as reduced supply may lead to an improvement in market supply and demand.

3. The latest developments and announcements from the Shiba Inu community: The Shiba Inu team announced the launch of the Web3 version of the popular game "Shiba Eternity", which is planned to be released in the third quarter of 2024. The move sparked optimism about future potential and could have a positive impact on prices. #以太坊ETF批准预期 #Mt.Gox将启动偿还计划 #SHIBA🚀