- Shiba Inu (SHIB) surged 37% in price over the past week, surpassing Dogecoin in daily trading volume and achieving a 19,930% increase in its burn rate.
- Additionally, updates on the development of the SHI stablecoin have fueled further interest in the Shiba Inu ecosystem.
The Shiba Inu (SHIB) token has witnessed an impressive price surge, climbing by 37% over the past week. This remarkable increase has allowed Shiba Inu to surpass Dogecoin (DOGE) in daily trading volume, boasting $2.1 billion compared to Dogecoin’s $1.4 billion. According to CoinGecko data, Shiba Inu has become the second-most traded meme coin, following Pepe (PEPE), which recorded a trading volume of $2.3 billion.
Burn Rate Surge and Stablecoin Development
In a significant development, the Shiba Inu burn rate has skyrocketed by 19,930% in the last 24 hours. The Shiba Inu ecosystem utilizes a token-burning mechanism to reduce supply and combat inflation, contributing to the recent price surge. Within the past day, an astonishing 1.8 billion SHIB tokens were burned.
Adding to the excitement, LUCIE, the marketing lead of SHIB.IO, shared updates on the SHI stablecoin. Initially introduced in 2021 by Shiba Inu’s enigmatic founder Ryoshi, the stablecoin remains in development with no confirmed launch date. The anticipation surrounding SHI’s release continues to fuel interest in the Shiba Inu ecosystem.
Meme Coin Mania: Shiba Inu and Competitors
The resurgence of meme coins extends beyond Shiba Inu. The crypto community’s attention has been captivated by various meme coins, particularly over the past two weeks. A notable trigger was the listing of Neiro (NEIRO) on Binance and other exchanges on September 16, resulting in a dramatic price surge exceeding 1,000%.
This phenomenon is reminiscent of Bonk (BONK), another Solana-based meme coin that saw a meteoric rise of 10,000% in December 2023. Shiba Inu’s impressive price performance places it at the forefront of the top 15 meme coins by market capitalization, with a 37% gain over the last seven days. Following closely is Pepe with a 33.4% increase, and another dog-themed meme coin, WIF, with a weekly gain of 31.2%.
Future Prospects for Shiba Inu
The recent developments surrounding Shiba Inu, including its surging price, increased burn rate, and ongoing stablecoin project, indicate a promising future for the meme coin. As the crypto community continues to embrace meme coins, Shiba Inu’s unique position and active development could lead to further growth and stability.
With the SHI stablecoin on the horizon and a strong burn rate mechanism in place, Shiba Inu is poised to maintain its relevance and appeal in the ever-evolving cryptocurrency market. The coming weeks and months will be crucial in determining whether SHIB can sustain its momentum and continue its ascent among meme coins.
