Can Shiba Inu’s Surge Make Millionaires in 2024? SHIB Price Analysis
Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...
Shiba Inu has jumped by 14% in the past 24 hours, with the SHIB price moving to $0.00001958 on a day when the market as a whole has gained by only 1%.
SHIB is now up by 35% in a week and by 39% in the past month, with the meme token also sitting on a healthy 170% increase in the past year.
This makes it one of the best-performing major meme tokens in the market this year, with its recent jumps coming as its burn rate surges.
And with over 400 trillion SHIB burned to date (and counting), the relative reduction in the coin’s supply is likely to keep pushing up its price over time.
According to data from Shibburn, Shiba Inu’s burn rate has actually increased by a whopping 33,818% in the past 24 hours.
To an extent this comes from rising Shibarium usage, with daily transactions more than doubling in the past week.
In turn, an increase in burning has caused an increase in bullishness, with big burns attracting lots of attention today.
BREAKING: Someone just burned 1.8 Billion $SHIB!
If you own Shiba Inu let all crypto know
