Last updated on May 18th, 2024 at 11:59 am
Shiba Inu bullish spikes 3% – Trending meme coin Shiba Inu (SHIB) joins the broader crypto market in recovery mode. Just like a few other cryptocurrencies, the price of SHIB experienced a spike of over 3% in the last 24 hours.
Even though the meme coin is still down by 10.44% over the week, the spike shows its first significant bullish uptick. The regular Shiba Inu burn has played a major role in the noticed growth.
Daily reports from Shibburn – a website dedicated to the Shiba Inu burn, show that over the past few days, over 6 billion SHIB tokens have been burned, significantly raising the burn rate.
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For context, the Shiba Inu burn is a tactic to significantly reduce the overall circulation of the SHIB token. The resultant scarcity and the general growth in demand for the coin are poised to cause an even more positive spike in the price of the token. This can be attributed to the latest growth in the price of the asset. The theory is evident in the sudden 3% growth in price.
What this holds for Shiba Inu
The recent growth and adoption of Shiba Inu does not come as a surprise. The project has a very loyal and dedicated community who are up to date with its latest trends.
SHIB, just like other meme coins is known for its high volatility. This helps positively impacting on the price thereby bringing about hope and confidence in the project.
The project is showing stability with its recent average bullish spikes. This shows stability and growth. Progressing, slow, and steady price growth is expected for the trending token.
In addition, the rally around newer meme coins like PEPE may also add to the reduced growth of SHIB in the near future.
Shiba Inu (SHIB) price today
According to live data from CoinMarketCap, Shiba Inu (SHIB) is currently trading at $0.000008882. The meme coin is currently ranked #25 on the CoinMarketCap chart with a live market cap of $5,234,976,207 USD. Finally, it has a circulating supply of 589,537,654,369,131 SHIB coins.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.