Breaking
December 11, 2024

Crypto News | Is This Why Shiba Inu’s (SHIB) Price Soared 23% Daily? (Details) | usagoldmines.com

TL;DR

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.
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.

Climbing the Crypto Ladder

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.

SHIB Price, Source: CoinGecko

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 shows 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). 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 surpassed the 7 million milestone in terms of processed blocks, while the number of total transactions is just south of 420 million. 

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.

SHIB’s Next Potential Target

One popular analyst who envisioned 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 outlined 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. 

The post Is This Why Shiba Inu’s (SHIB) Price Soared 23% Daily? (Details) appeared first on CryptoPotato.

  SHIB is now the 14th-largest cryptocurrency, with a market capitalization exceeding $11 billion. Crypto Bits, Crypto News, SHIBBTC, SHIBUSD, Shiba Inu (SHIB) 

Recent:

Judge delays sentencing of ex-Celsius exec following Mashinsky’s plea deal Nellius Irene | usagoldmi...
Coinbase taps Chainlink to boost institutional crypto adoption in Abu Dhabi Oluwapelumi Adejumo | us...
Character.AI faces lawsuit for driving kids into mental health problems Enacy Mapakame | usagoldmine...
Anthony Scaramucci Predicts China Will Restart the Bitcoin Market by 2025 Sneha Murali | usagoldmine...
“Bitcoin is going to hit $1 million,” says Eric Trump at Bitcoin MENA Sneha Murali | usagoldmines.co...
Litecoin Not To Be Overlooked, Analytics Firm Says: Here’s Why Keshav Verma | usagoldmines.com
Ripple secures NYDFS greenlight to launch RLUSD stablecoin Gino Matos | usagoldmines.com
Marvel Rivals reaches millions at launch, what’s the key factor behind its success? Noor Bazmi | usa...
Ripple’s RLUSD stablecoin gains NYDFS approval Brenda Kanana | usagoldmines.com
Attackers are using fake Telegram groups and Twitter accounts to target crypto users with sophistica...
Will quantum computing crack Bitcoin? Here’s what Satoshi Nakamoto said to do Florence Muchai | usag...
Bitcoin miner MARA acquires 11,774 BTC for $1.1 billion Florence Muchai | usagoldmines.com
South Korea delays crypto tax until 2027 due to investor backlash Sneha Murali | usagoldmines.com
Binance’s 25th Proof of Reserves shows a drop in BTC and a rise in ETH and USDT Sneha Murali | usago...
Bloomberg editorial criticizes U.S. proposed Bitcoin reserve as “biggest crypto scam” Brenda Kanana ...
Ripple’s XRP, Dogecoin, Cardano Post Double-Digit Losses As Altcoin Catastrophe Leads To Largest Liq...
China Likely to Build Bitcoin Reserve After U.S. Sets Precedent, Says Binance’s CZ Sam Cooling | usa...
Celsius Exec Sentencing Delayed as Alex Mashinsky Strikes Deal with US Prosecutors Hassan Shittu | u...
Dogecoin Defies Crypto Market Crash: Analyst Says It Looks ‘Incredible’ Jake Simmons | usagoldmines....
This Analyst Correctly Predicted The Bitcoin Flash Crash To $94,000, But There’s A New Target Scott ...
Bitcoin poised for ‘golden age’ in 2025 with $200k milestone projection – Bitwise Assad Jafri | usag...
Microsoft shareholders oppose Bitcoin treasury allocation in preliminary vote Gino Matos | usagoldmi...
VanEck projects sustained growth for Bitcoin as altcoin season index rises Gino Matos | usagoldmines...
Italy drops plans to hike capital gains tax on crypto amid backlash, political division Assad Jafri ...
Microsoft shareholders oppose Bitcoin treasury allocation in preliminary vote Gino Matos | usagoldmi...
‘Luigi Coin’ soars 35,000% after arrest of alleged shooter Luigi Mangione Jai Hamid | usagoldmines.c...
Animoca Brands on track to end 2024 as a VC funding leader Hristina Vasileva | usagoldmines.com
MARA Acquires Nearly 12K Bitcoin Worth $1.1 Billion Veronika Rinecker | usagoldmines.com
Jupiter DEX Approves Revised Airdrop Proposal After Initial $1.7B Plan Fails Tim Hakki | usagoldmine...
Bitwise Releases 2025 Crypto Predictions: Bitcoin to $200,000 Hongji Feng | usagoldmines.com
Microsoft Shareholders Vote Down Bitcoin Proposal as Treasury Holdings Hassan Shittu | usagoldmines....
Solana Holds Steady At Key Support, Price Rebound Looming Godspower Owie | usagoldmines.com
Goldman Sachs eyeing crypto market-making for Bitcoin, Ethereum if US regulations shift Gino Matos |...
Trump’s SEC chair Paul Atkins blamed US government for FTX collapse Jai Hamid | usagoldmines.com
Bank of Korea Governor doubts won will return to past levels Florence Muchai | usagoldmines.com
Clober liquidity vault has been exploited for 133 ETH, the team offers white hat bounty Hristina Vas...
Sony’s market value surges, breaking 24 years stock record Noor Bazmi | usagoldmines.com
What happened to Hamster Kombat? A tale of caution for developers Florence Muchai | usagoldmines.com
China stocks surge after leaders signal stronger economic support Collins J. Okoth | usagoldmines.co...
Microsoft shareholders reject Bitcoin treasury proposal Sneha Murali | usagoldmines.com
Why Eric Trump Is Confident Bitcoin Will Eventually Hit $1 Million Brenda Ngari | usagoldmines.com
Elon Musk’s Bitcoin Holdings Surge to $2 Billion as Asset Crosses $100,000 Newton Gitonga | usagoldm...
Shiba Inu’s Rally Hits a Snag – Could More Corrections Be Around the Corner? Simon Chandler | usagol...
Liquidations Rock the Market, but Solana Clings to Key Levels – Is $300 in Sight? Harvey Hunter | us...
Bitdeer Shares Skyrocket 170% in a Month, Benchmark Predicts Further Upside Tim Hakki | usagoldmines...
DWF Labs launches $20M fund to boost autonomous AI agents in Web3 Oluwapelumi Adejumo | usagoldmines...
Solana Might Reach $295 Once It Breaks Key Supply Zone – Details Sebastian Villafuerte | usagoldmine...
Tether’s USDT stablecoin integrates into Abu Dhabi’s financial ecosystem Oluwapelumi Adejumo | usago...
Will XRP Hit $3 Again? Atomic Wallet Says No, Tells Holders To Prepare For Next Seven-Year Downtrend...
Bank of England Explores ZK-Proofs for Privacy in Digital Pound Development Hassan Shittu | usagoldm...
Abu Dhabi Global Market Allows USDT for Virtual Asset Services Hongji Feng | usagoldmines.com
Time Is Running Out! Join the #1 Crypto Presale Before It’s Too Late Cryptopolitan Media | usagoldmi...
XRP Price: Analyst’s ABC Correction Forecast Plays Out Perfectly, Second Half Predicts Bullish Impul...
Iran Attempts To Nullify The Impact of Global Sanctions By Turning Focus On Crypto NewsBTC | usagold...
DNA Holdings launches blockchain investment platform with Chintai Nexus Assad Jafri | usagoldmines.c...
Marathon Digital boosts Bitcoin reserves by over 50% this quarter, nears $4 billion in holdings Oluw...
Walrus December Updates Lawrence Mike Woriji | usagoldmines.com
Tether’s USDT receives FSRA approval for ADGM operation in UAE Lara Abdul Malak | usagoldmines.com
Vocal Ethereum researcher Max Resnick jumps ship to join Solana Collins J. Okoth | usagoldmines.com
Former US Treasury Secretary Knocks Trump’s Bitcoin Reserve Plan Aliyu Pokima | usagoldmines.com
Argentina Regulator Approves Entry of US Crypto ETFs Jimmy Aki | usagoldmines.com
Anthony Scaramucci predicts China to create strategic Bitcoin reserve in 2025 Liam 'Akiba' Wright | ...
Binance Adds Magic Eden (ME) for Trading Victor | usagoldmines.com
Binance makes top 6 in Cloudflare’s DNS traffic stats for financial apps in 2024 Florence Muchai | u...
Crypto.com picks Deutsche Bank as corporate banking partner for APAC region Cryptopolitan News | usa...
OKX Ventures Invests $5M in TON Ventures to Support Telegram Apps Tanzeel Akhtar | usagoldmines.com
BitGo Introduces Institutional Bitcoin Staking with Core DAO Ruholamin Haqshanas | usagoldmines.com
DWF Labs Launches $20M Fund to Support Autonomous AI Agents Veronika Rinecker | usagoldmines.com
New Zealanders Skeptical of CBDCs: Survey Reveals Privacy Concerns Jimmy Aki | usagoldmines.com
Cardano Follows 2020 Bullish Pattern – Top Analyst Plans To Take Profits Between $4 And $6 Sebastian...
Global crypto awareness hits 93% as trust in traditional finance falters Oluwapelumi Adejumo | usago...
Russian Deputy Proposes Strategic Bitcoin Reserve Victor | usagoldmines.com
Floki Launches Its New Debit Card Victor | usagoldmines.com
Google’s Willow Quantum: Should Bitcoiners Be Concerned? Victor | usagoldmines.com
How to Donate AVAX and Fund U.S. Charities Victor | usagoldmines.com
Argentina Opens Market to Bitcoin and Ethereum ETFs Victor | usagoldmines.com
Floki unveils physical debit card as second part of its roadmap Collins J. Okoth | usagoldmines.com
PancakeSwap ‘head chef’ insists CAKE will retain its deflationary tokenomics in V4 Hristina Vasileva...
WhiteBit and VISA launch crypto debit card with cashback for all users Hristina Vasileva | usagoldmi...
OpenAI’s video generation tool, Sora launching to ChatGPT Pro and Plus users Collins J. Okoth | usag...
LUIGI Token Market Cap Hits $60M Following Murder Suspect’s Arrest Oliver Dale | usagoldmines.com
Hester Peirce Outlines Three Reforms to Bring Crypto Clarity Under Trump’s New SEC Sujha Sundararaja...
Bitmain Expands Bitcoin Mining Hardware Production to the US Ruholamin Haqshanas | usagoldmines.com
Crypto Ecosystem Is Shifting from Users to Owners, says Consensys Sead Fadilpašić | usagoldmines.com
HBAR To Hit $100? Analyst Points To Utility And Market Cap Potential Christian Encila | usagoldmines...
Crypto.com partners with Deutsche Bank for corporate banking amid Asia expansion Oluwapelumi Adejumo...
Analyst Explains Why Ripple And XRP Are Strategic Weapons For The United States Government Brenda Ng...
Bitcoin Price Analysis: Bulls Eye $100K Amid Regulatory Push and $95K Test Arslan Butt | usagoldmine...
Vancouver Mayor Pushes Bitcoin Adoption to Tackle Inflation Woes Ruholamin Haqshanas | usagoldmines....
Bitcoin’s drop triggers $1.57 billion in liquidations Andjela Radmilac | usagoldmines.com
Massive Crash Incoming? Old Bitcoins In Circulation Weaken Trader Sentiments Aliyu Pokima | usagoldm...
Lava Raises $10M to Enable Bitcoin-Backed Dollar Loans Ruholamin Haqshanas | usagoldmines.com
BlackRock’s Larry Fink is a financial genius. But his growing influence on Bitcoin should concern th...
Crypto Market Hit Hard With $1.7 Billion Liquidated, Largest Event Since 2021 Jake Simmons | usagold...
Google’s Willow quantum chip brings Bitcoin security debate 10 years closer Oluwapelumi Adejumo | us...
Bitcoin tanks, altcoins bleed: Nearly $2 billion wiped out in liquidation frenzy Ashish Kumar | usag...
New Solana staking coin M3M3 on Meteora draws investments, but unstaking may be a problem Hristina V...
US Treasury Calls Bitcoin Digital Gold — Is the US Govt Set to Buy Trillions of Dollars Worth of BTC...
Bitcoin Whales Snap Up $2 Billion in BTC as $200,000 Predictions Gain Momentum Newton Gitonga | usag...
PEPE Hits $10.5 Billion Market Cap Milestone Amidst Frenzied Whale Action Christian Encila | usagold...

By

Leave a Reply