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Why Is Shiba Inu Going Up? Surges 10%, Hiting 2-Month High

Why Is Shiba Inu Going Up? Shiba Inu has a large and active community of supporters who believe in the coin, Many investors are seeing positive results; according to IntoTheBlock, about 50.3% of SHIB investors are currently making money. However, 43% are facing losses.

The price of Shiba Inu (SHIB) has increased significantly recently. This rise has attracted the attention of investors and fans. The overall cryptocurrency market is performing well. This positive trend is drawing in more investors. The strong and active community behind Shiba Inu is keeping people excited through social media and events. Also, developing new features like ShibaSwap is making the token more useful. Here we’ll discuss Why Is Shiba Inu Going Up? A closer look at Shiba’s Inu.

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Why Is Shiba Inu Going Up? Surges 10%, Hiting 2-Month High 5

Shiba Inu Soars: Why Is Shiba Inu Going Up?

Shiba Inu (SHIB), a popular meme coin was one of the top-performing cryptocurrencies. Its price rising over 10%. It now trades at around $0.00001634, a nearly two-month high. Its market capitalization has increased to $9.7 billion. This level has not seen since the end of July, according to CoinGecko.

Why Is Shiba Inu Going Up? Shiba Iu has a large community of people who hold and support the coin. According to IntoTheBlock, about 50.3% of SHIB investors are currently making money, while 43% are losing money. Notably, nearly 80% of holders have been in the ecosystem for over a year; 19% joined in the past 12 months, and only 2% in the last 30 days.

SHIB’s resurgence is part of a broader revival in the meme coin market, approaching a total market cap of $50 billion. Coins like Dogecoin (DOGE), Pepe (PEPE), dogfight (WIF), and Bonk Inu (BONK) are all seeing gains, while Dogs (DOGS) and Neiro (NEIRO) are among the few experiencing losses in the past 24 hours.

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Why Is Shiba Inu Going Up? Surges 10%, Hiting 2-Month High 6

Why Is Shiba Inu Going Up? A Deeper Dive

Several bullish factors contributed to SHIB’s recent price increase. Notably, the Shibarium layer-2 scaling solution has advanced, with over 7 million blocks processed. Additionally, SHIB’s burn rate has surged by 640% daily, resulting in about 5.5 million tokens being sent to a null address.

The mechanism aims to reduce SHIB’s circulating supply, potentially driving up prices through scarcity. Over the years, more than 410 trillion tokens have been destroyed, leaving 583.5 trillion in circulation.

Some analysts predict significant price increases for SHIB. User JAVON MARKS believes it could rise to $0.000081, while Peppa forecasts a massive 10,000% jump. However, the latter seems unlikely, as it would require SHIB’s market cap to reach around $800 billion.

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Why Is Shiba Inu Going Up? Surges 10%, Hiting 2-Month High 7

Shiba Inu Soars with a 13% Surge

Save for Worldcoin (WLD), which is up 15.21%, Shiba Inu is outperforming the top 100 cryptocurrencies in daily gains, which were mostly posting gains between 1% and 13%. A combination of factors might be fueling the rally, including positive sentiment around upcoming developments in the Shiba Inu ecosystem, a technical breakout as well as broader optimism on the cryptocurrency market.

Why Is Shiba Inu Going Up? Key Drivers

1. Strong Market: When the crypto market is strong, small coins like Shiba Inu often see price increases. This trend is common during market upswings.

2. Strong Community: The Shiba Inu community is very active and enthusiastic. They use social media to create excitement and support for the token. This strong community keeps people loyal and attracts new investors.

3. More Uses: Developments like ShibaSwap have added new features, allowing users to stake, swap, and earn rewards. This makes the token more attractive to serious investors.

4. Reducing Supply: Shiba Inu has ways to reduce the total number of tokens. This makes existing tokens more valuable and can increase demand, leading to higher prices.

5. Working Together: Collaborations with other platforms make Shiba Inu more visible and increase its uses. This attracts new users and investors.

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Why Is Shiba Inu Going Up? Surges 10%, Hiting 2-Month High 8

Conclusion: Why Is Shiba Inu Going Up? Shiba Inu is doing well because of a few things: the crypto market is good, the community is strong, it has new features, and there are fewer tokens. Partnerships and famous people also help. These things make Shiba Inu popular and attract more investors.

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Disclaimer

The content presented here may express the author’s personal opinions and is subject to change based on market conditions. It is crucial to conduct your own market research before investing in any cryptocurrency. Neither the author nor this publication assumes any responsibility for any financial losses you may incur.