DailySun
The Shiba Inu meme coin, which is themed around dogs, has experienced a surge, rising 17.7% today and 30% over the last week.
This upward trend represents the highest point for Shiba Inu (SHIB) since April 1.
According to various media sources, this rally is attributed to a staggering burn rate increase of over 7,400% and a decrease in supply. It remains unclear if this trend will continue.
In a post on Nov. 21, Analyst Ali Martinez suggested that SHIB could rise to $0.000037, which is a 54% increase from its then-current price.
Another analyst, Javon Marks, foresees a potential increase to $0.000081, suggesting a rise of more than 200%.
Shiba Inu tokens continue to burn
Recent data from Shiburn on Sunday indicated a 984.26% surge in Shiba Inu token burns over the past week, with the current circulating supply sitting at approximately 589.2 trillion.
Previous reports from Crypto.news revealed that Shibarium, its layer-2 blockchain, has processed more than 541 million transactions in recent months.
Some observers suggest that the growth of the network may be bullish for SHIB, as transaction fees paid in BONE tokens are partially converted into SHIB and burned, reducing the supply even further.
BONE serves as the governance token within the Shiba Inu ecosystem, allowing its holders to engage in decision-making through the Doggy DAO.
This token is critical for the Shibarium Layer 2 blockchain, where it is used for transaction fees and incentivizes validators and delegators. Its significance underscores Shiba Inu’s evolution from a mere meme token to a substantial blockchain project with decentralized governance and utility.
There is also a noticeable trend of accumulation among SHIB whales. According to IntoTheBlock, netflow from large holders increased by 256% on Nov. 21, with whales gathering 393.48 billion SHIB tokens valued at over $9.8 million, contrasted with the $6 million sell-off recorded the day before.
The anticipated surge of Bitcoin (BTC) to $100,000 may also fuel the Shiba Inu rally.
Shiba Inu was initially launched as an experiment in community-driven cryptocurrency, heavily inspired by Dogecoin (DOGE), marketing itself as the “Dogecoin Killer.”
In contrast to conventional cryptocurrencies, Shiba Inu champions decentralization and a grassroots model, relying on its community, known as the “Shib Army,” for its expansion and adoption.
The project’s creator, who goes by the name “Ryoshi,” has chosen to remain anonymous, indicating that their role is insignificant, and emphasizes that the project is wholly owned by its community.
