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Shiba Inu’s Stunning 16% Surge in a Single Day; Here’s Why

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Shiba Inu Hints at ETF Ambitions, Targets BlackRock

Shiba Inu (SHIB) has made a remarkable surge, rising by 16% in a single day and reaching a market capitalization of $16.9 billion. Consequently, this impressive feat has propelled SHIB to become the 11th largest cryptocurrency, flipping Cardano (ADA) in the process.

The Meme Coin Revival Continues

Furthermore, the meme coin sector has been experiencing a significant revival, with its overall market capitalization exceeding $70 billion. Additionally, many meme-inspired assets have witnessed substantial price increases, showcasing the renewed interest in this segment of the cryptocurrency market.

SHIB’s Impressive Metrics Outshine the Competition

Shiba Inu’s latest surge is accompanied by a remarkable increase in key metrics. For instance, in the past 24 hours, trading volume surged to nearly $1.9 billion, surpassing Dogecoin (DOGE) and PEPE. Moreover, the SHIB aggregated daily volume, where each transaction exceeds $100,000, has reached $214 million, representing a 135% increase compared to the previous day.

Burning Mechanism and Shibarium Advancement Drive SHIB’s Revival

Two crucial factors are believed to have contributed to Shiba Inu’s recent revival: the project’s burning mechanism and the advancement of its layer-2 scaling solution, Shibarium.

The Burning Mechanism Accelerates

Firstly, the Shiba Inu team implemented a burning mechanism to reduce the meme coin’s massive circulating supply. The burn rate increased by nearly 600% last week, destroying almost 10 million SHIB tokens. Ultimately, the project’s goal is to make the token scarcer, potentially increasing its value over time, assuming the demand remains stable or rises.

Shibarium’s Progress Elevates SHIB Above Rivals

Secondly, Shibarium, Shiba Inu’s layer-2 scaling solution, has made impressive strides since its launch last summer. For instance, the network has surpassed the 400 million mark in terms of total transactions and has undergone two major upgrades to improve the user experience, empower the developer community, and implement quicker block processing times. These advancements have elevated Shiba Inu above rivals by lowering transaction fees and enhancing overall network performance.

In conclusion, the Shiba Inu community is now eagerly anticipating the project’s continued growth and the potential impact of these developments on the token’s future performance. SHIB’s top 10 position, resilience, and community enthusiasm indicate the token’s journey is far from over.

Read Also: Shiba Inu (SHIB) Faces a Crucial Test: Key Insights and Market Analysis

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Lisbon, Portugal, 12th June 2024, Chainwire