Shiba

Dogecoin

Tron Bull

Shiba Inu

TL;DR
<ul>
 <li>Shiba Inu (SHIB) surged 23% in 24 hours, potentially fueled by an explosion in its token burn rate (33,800% increase) and progress on its layer-2 solution, Shibarium.</li>
 <li>Despite analyst predictions of significant price gains, reaching targets like erasing two zeroes from SHIB’s valuation would require a highly improbable market cap of $800 billion.</li>
</ul>
<h2 id="span-data-preserver-spaces-true-a-href-https-cryptopotato-com-wp-content-uploads-2024-09-shib_cb-42-jpg-data-wpel-link-internal-rel-noopener-noreferrer-nofollow-a-span"><a href="https://cryptopotato.com/wp-content/uploads/2024/09/SHIB_CB-42.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a></h2>
<h2 id="climbing-the-crypto-ladder">Climbing the Crypto Ladder</h2>
Shiba Inu (SHIB) has been the best-performing cryptocurrency in the past 24 hours (from the top 100 club), registering a 23% price increase. It currently trades at approximately $0.00001895 (per CoinGecko’s data), a level last observed mid-July.
<figure id="attachment_362818" aria-describedby="caption-attachment-362818" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/09/SHIB-Price-21.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-362818" src="https://cryptopotato.com/wp-content/uploads/2024/09/SHIB-Price-21.png" alt="SHIB Price" width="570" height="400" srcset="https://cryptopotato.com/wp-content/uploads/2024/09/SHIB-Price-21.png 1038w, https://cryptopotato.com/wp-content/uploads/2024/09/SHIB-Price-21-300x210.png 300w, https://cryptopotato.com/wp-content/uploads/2024/09/SHIB-Price-21-1024x718.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/09/SHIB-Price-21-768x539.png 768w, https://cryptopotato.com/wp-content/uploads/2024/09/SHIB-Price-21-50x35.png 50w" sizes="(max-width: 570px) 100vw, 570px"></a>
 <figcaption id="caption-attachment-362818" class="wp-caption-text">
 SHIB Price, Source: CoinGecko
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</figure>
Its market cap jumped above $11 billion, making it the 14th-biggest in the entire crypto sector. The meme coin remains the second-largest in its niche, trailing behind only Dogecoin (DOGE), whose capitalization is inching towards $18 billion.
SHIB’s impressive resurgence coincides with an explosion of its burning mechanism. Data <a class="editor-rtfLink" href="https://www.shibburn.com/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">shows</a> that the burn rate has skyrocketed by 33,800% on a daily scale, resulting in almost 2 billion tokens sent to a null address.
The program’s ultimate goal is to reduce the tremendous circulating supply of Shiba Inu, potentially triggering a price increase (should demand remain the same or rise).&nbsp;The team and the SHIB community have destroyed over 410 trillion tokens since the adoption of the mechanism, leaving around 583.5 trillion in circulation.
Another factor possibly contributing to the asset’s rally is the progress of the layer-2 scaling solution – Shibarium. Recall that the network recently <a class="editor-rtfLink" href="https://cryptopotato.com/shiba-inu-shib-hits-another-major-milestone-details/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">surpassed</a> the 7 million milestone in terms of processed blocks, while the number of total transactions is just south of 420 million.&nbsp;
It is worth mentioning that SHIB is not the only meme coin charting significant gains today (September 27). The sector’s market cap is up 14% in the last 24 hours, currently set at roughly $54 billion. 
Leading memes, including Dogecoin (DOGE), Pepe (PEPE), Bonk Inu (BONK), Floki Inu (FLOKI), and many more have spiked by double digits. Conversely, PepeCoin (PEPECOIN), Tron Bull (BULL), and Toshi (TOSHI) are among the very few witnessing some losses.
<h2 id="span-data-preserver-spaces-true-shib-s-next-potential-target-span">SHIB’s Next Potential Target</h2>
One popular analyst who <a class="editor-rtfLink" href="https://x.com/JavonTM1/status/1839527225521005043" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">envisioned</a> further gains for the meme coin is the X user JAVON MARKS. The trader noticed “multiple confirmed bullish patterns” on its price chart, suggesting it could be headed toward a 315% jump to as high as $0.000081.
Not long ago, the X user pepa <a class="editor-rtfLink" href="https://cryptopotato.com/shiba-inu-price-prediction-epic-shib-bull-run-forecasted-but-worrying-signs-appear/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">outlined</a> an even more optimistic forecast, claiming SHIB could erase two zeroes from its valuation in the near future. Nonetheless, this would require its market capitalization to explode to nearly $800 billion, making the prediction quite improbable.&nbsp;
The post <a href="https://cryptopotato.com/is-this-why-shiba-inus-shib-price-soared-23-daily-details/" rel="noopener noreferrer nofollow">Is This Why Shiba Inu’s (SHIB) Price Soared 23% Daily? (Details)</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Is This Why Shiba Inu’s (SHIB) Price Soared 23% Daily? (Details)

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