As a seasoned analyst with over two decades of experience in the dynamic world of finance and technology, I must say that the current surge in Shiba Inu (SHIB) is indeed intriguing. The astronomical burn rate and the token’s resilience during this bull run are reminiscent of a phoenix rising from the ashes.
The overall value of digital currencies has grown to a total market capitalization of $3.09 trillion, as Shiba Inu (SHIB) also experiences a surge in price. This rise in the meme coin’s value comes at the same time as a significant spike in its burn rate. At the present moment, data from Shibburn shows that the burn rate for SHIB has skyrocketed by 6,223% over the past 24 hours, with approximately 290,321 tokens being destroyed.
Shiba Inu and push for new ATH
During the current prolonged bull market, numerous meme tokens have revisited their peak values (peak prices). Yet, Shiba Inu appears to trail in this aspect because it’s still experiencing a decline of over 71% compared to its previous high of $0.00008845.
HOURLY SHIB UPDATE$SHIB Price: $0.00002498 (1hr -0.08% ▼ | 24hr 4.13% ▲ )
Market Cap: $14,696,189,447 (4.03% ▲)
Total Supply: 589,262,187,292,415TOKENS BURNT
Past 24Hrs: 290,321 (6223.7% ▲)
Past 7 Days: 135,037,210 (-78.05% ▼)— Shibburn (@shibburn) November 18, 2024
It’s worth mentioning that the rising cost trend for Shiba Inu could potentially shatter records during this bull market. The increased rate at which SHIB is being destroyed suggests a strong and ongoing dedication from the community to the project. At present, an impressive 410,737,812,707,584 SHIB have been burned, leaving a circulating supply of approximately 583,766,910,600,543 SHIB.
Numerous experts believe that reducing the existing supply is a crucial factor in driving up the price of Shiba Inu. So far, the burn rate has been steadily decreasing, and the Shibarium burn portal has played a role in this reduction, helping to push prices higher.
SHIB price boost
This past year, Shiba Inu continues to be one of the more lucrative meme tokens and altcoins. Although the harsh crypto winter inflicted significant losses on its value, it has made a remarkable comeback this year, demonstrating a strong recovery.
As I pen this down, it’s noteworthy that Shiba Inu’s price has surged by a substantial 3.41% over the past 24 hours, reaching $0.00002535. Over the course of the last month, this token has experienced an impressive growth of over 31%, and its year-to-date (YTD) increase stands tall at a staggering 144%.
The constant ecosystem push stems from key product updates from the lead developers, a trend that has kept the community motivated. While SHIB remains the second-largest meme coin, it arguably has one of the most diverse utilities for fueling demand.
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2024-11-18 12:44