Shiba Inu Coin (SHIB) has gone up a lot. Its price increased by 11% in one day. This happened after a huge number of SHIB coins were burned.
Shiba Inu Coin (SHIB), a well-known memecoin, recently made a big impact. Its value rose by 11% in just 24 hours. This increase happened after over 1 billion SHIB tokens were burned on November 30, 2024. The burn rate increased by over 2,000%, grabbing the attention of investors. In this article we’ll explain why SHIB surged, how it’s performing, and why it’s starting to outperform Dogecoin.
Shiba Inu Breaks Out of Sideways Trading with 11% Surge
On November 30, 2024, Shiba Inu Coin experienced an explosive increase in its burn rate, with over 1.17 billion SHIB tokens removed from circulation. A lot of Shiba Inu coins were burned in the last month. This made the price of SHIB go up a lot. One person burned over a billion SHIB coins, which helped the price increase by 11% in just one day.
The impressive growth came when SHIB was in a weekly losing streak. This price jump ended that streak and brought the coin into the spotlight. SHIB increased by 5.19% over the past seven days. Most importantly, its 24-hour growth was one of the highest in the crypto market. This has made many wonder if SHIB is now becoming a top contender in the memecoin race, especially compared to Dogecoin.
A Historic Burn Sparks Momentum for Shiba Inu Coin
The big token burn on November 30 was part of the Shiba Inu community’s efforts to reduce the supply of SHIB. According to ShibaBurnTracker the burn rate increased by over 2,000% that day. As more tokens are burned, the supply of SHIB becomes scarcer. This scarcity often causes the price to rise.
Such high-volume burns have previously played a crucial role in driving SHIB’s price, and the most recent one is no exception. When more tokens are removed from circulation, the remaining tokens become more valuable because of supply and demand. This makes SHIB holders more optimistic, and the recent price rise shows how effective token burns can be.
Shiba Inu Coin Breaks the Losing Streak
The 11% price surge in just 24 hours is a critical moment for Shiba Inu Coin, as it has finally broken free from a weekly losing streak. The market for SHIB had been slow, and many investors were unsure if the memecoin would stay relevant. However, after the huge burn and price increase, Shiba Inu Coin is showing strength. It has gained more than 5% in value over the past week.
Shiba Inu has grown by over 60% in value this month, which looks very promising. This strong growth has helped SHIB outperform many other cryptocurrencies, including Dogecoin, which only grew by about 160%. While Dogecoin has led the memecoin market for a while, Shiba Inu’s recent performance shows a possible shift. SHIB is now growing faster than Dogecoin on both the 7-day and daily charts.
Shiba Inu vs Dogecoin: Is SHIB Gaining the Upper Hand?
For a long time, Dogecoin has been the top memecoin, with a lot of popularity and recognition. However, Shiba Inu Coin’s recent performance, boosted by the 1 billion token burn and 11% price growth, suggests that SHIB may be catching up to Dogecoin. While Dogecoin still has a large market cap and is a major player, Shiba Inu is showing that it has the potential to outperform Dogecoin, especially in the short term.
It’s also worth noting that Shiba Inu Coin’s ecosystem is expanding, with continuous developments that aim to increase its utility and scalability. The recent emergency security upgrade for the Shibarium bridge, which connects Ethereum to Shiba Inu’s own blockchain, is one such example. This upgrade is part of a larger plan to improve transaction speeds and scalability within the Shiba Inu ecosystem. Also, a hard fork scheduled for next week promises to make more improvements to SHIB’s blockchain, which could boost its performance even further.
In conclusion, Shiba Inu Coin’s 11% surge in just 24 hours, after burning over 1 billion tokens, is a key moment for the memecoin. This price increase, along with the rising burn rate and strong market performance, shows that SHIB could compete with Dogecoin.
With continuous improvements to its ecosystem, including upcoming upgrades to its blockchain and scalability, Shiba Inu Coin is gaining momentum and may continue to outperform its rivals in the near future. Investors are closely watching SHIB’s progress, as its recent success could signal even more growth ahead.
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