Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Shiba Inu (SHIB) Hits a Major Milestone as the Price Explodes 50% in a Day

Shiba Inu (SHIB) Hits a Major Milestone as the Price Explodes 50% in a Day

CryptopotatoCryptopotato2024/03/05 09:22
By:Dimitar DzhondzhorovMore posts by this author

Shiba Inu’s market capitalization exceeded the $20 billion mark amid overall revival of SHIB-related indicators.

TL;DR

  • Shiba Inu’s price has surged significantly, with a majority of investors sitting on profits (at least on paper).
  • The rally is accompanied by a resurgence of the burning mechanism and the L2 blockchain solution Shibarium.

SHIB’s Latest Achievement

The popular meme coin – Shiba Inu – has been one of crypto’s rock stars for the past few days, with its price exploding by nearly 300% in a week. The rally has benefited numerous holders, and over 84% of SHIB investors currently sit on paper profits (according to IntoTheBlock). The trends were much different in September last year, when approximately 90% of those exposed to the token were underwater .

The impressive price ascent coincides with a milestone achieved by the layer-2 scaling solution Shibarium. Data shows that total blocks on the network have  surpassed  the 3.5 million mark, whereas total transactions are inching towards the 400 million level.

Shibarium is designed to foster the development of the Shiba Inu ecosystem by improving speed and lowering transaction costs. 

The Shiba Inu burn rate has also experienced a significant uptick as of late, spiking by 90% in the past 24 hours and resulting in 130 million tokens removed from circulation. As CryptoPotato  reported , the metric skyrocketed by 30,000% at the end of last week. 

SHIB Outperforms Many Rivals

Besides witnessing a considerable price increase, Shiba Inu’s daily trading volume has also  headed north . The figure has surged to $13 billion in the past 24 hours, thus surpassing Dogecoin (DOGE), which has witnessed approximately $8.5 billion.

Cardano (ADA), Ripple (XRP), and Solana (SOL) fall behind, too, recording $1.4 billion, $4 billion, and $5 billion, respectively.

Shiba Inu’s market capitalization currently sits at a 25-month high of $23 billion, or “just” $3 billion away from flipping Dogecoin as the largest meme coin.

As the crypto markets heat up, remember to be careful, especially if trading. Here are some popular mistakes to avoid.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Chinese Analyst Assesses Ethereum’s Status, Says “Whales Have Run Out of Purchasing Power” – Here’s What He Expects

Chinese cryptocurrency analyst phenomenon Murphy evaluated the latest status of Ethereum in his statement. Here are the details.

Bitcoinsistemi2025/03/16 16:00

Skipped Bitcoin Cash? Qubetics ($TICS) Could Be Your Redemption Ticket – Top Cryptos for Significant Returns

The crypto market has been on fire lately. With the spotlight shifting to new and innovative blockchain projects, everyone’s eyes are on which cryptos will make waves this year.Bitcoin Cash: A Missed Opportunity for Significant ReturnsQubetics: Revolutionizing Digital Finance with Real-World Asset TokenizationConclusion: Time to Act on Qubetics

Coinomedia2025/03/16 14:33

BTC Short Position by ETH Whale Nears $332M

A crypto whale boosts their BTC short position to $332M, facing losses and potential short squeeze risk.Whale Boosts BTC Short Position Amid Market VolatilityRisk of Liquidation LoomsStrategic Buy Orders Placed

Coinomedia2025/03/16 14:33

Pakistan Launches Crypto Council Led by Finance Minister

Pakistan forms Crypto Council to boost blockchain and crypto adoption, chaired by Finance Minister Muhammad Aurangzeb.Pakistan Takes a Bold Step Toward Crypto AdoptionFinance Minister to Lead the InitiativeFocus on Innovation and Financial Inclusion

Coinomedia2025/03/16 14:33