The famous meme coin Shiba Inu (SHIB) has once again attracted attention in the cryptocurrency world, exhibiting a significant growth in value overnight. As of the latest data, SHIB increased by a staggering 18.32%, increasing its price to $0.00000964. Although there has been a slight pullback with the current price dropping to $0.00000928, the total 24-hour growth stands at an impressive 15.48%. Here are the details…
SHIB price is on the rise
The Shiba Inu community is eagerly awaiting the moment when SHIB will add another 7.43% to its value, potentially eliminating another zero and reaching the coveted $0.00001 level. Notably, prominent crypto trader and podcaster Scott Melker predicts a further upside, suggesting a possible target of $0.0000114. However, Melker dismisses the utility of the coin. He says his only goal is to trade for more Bitcoin. Moreover, he describes the coin as “useless”. The driving force behind SHIB’s recent rally appears to be linked to the upward movements of Bitcoin and Ethereum. Bitcoin rose 3% on Friday, reclaiming the $37,500 level, while Ethereum rose over 11% on news of BlackRock’s intention to apply for an Ethereum ETF.
Shiba Inu burning accelerated
Simultaneously, the Shiba Inu community is actively making efforts to strengthen the token’s support and increase its value. Approximately 46.14 million SHIB tokens have been burned in the past few days, contributing to the burning of a total of 410 trillion tokens from the initial offering. The burn initiative aims to reduce circulating supply and mitigate potential inflationary effects by creating scarcity. In the last seven days alone, 361.81 million tokens were burned, further reducing the available supply.
At the time of this writing, SHIB has experienced a 15 percent increase in the last twenty-four hours, reaching $0.000009052. While the weekly price increase was an impressive 15.12%, the total transaction volume increased by 23%, reaching 347 million. Interestingly, as the price of SHIB continues to rise, ShibariumScan reports a 38% decline in activity on the Shiba Inu Layer 2 network Shibarium. Despite this, the crypto community remains vigilant and closely monitors the token’s rise in the market. Investors and enthusiasts are now wondering whether the Shiba Inu can continue his momentum. He is also eagerly awaiting whether he will be able to reach an important milestone by erasing another zero from its price, marking an important moment in his journey in the cryptocurrency world.
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Read more SHIB Rocketed: Preparing to Delete a Zero?