Shiba Inu pumps 13%, overtaking rival Dogecoin in key trading metric as ‘burns incoming’
Shiba Inu saw a remarkable 13% increase in its value during Friday’s trading session, fueled by community hints of upcoming token burns and a surge in meme coin adoption.
What’s happening:
Reports from Lucie, a marketing strategist within the Shiba Inu community, revealed the collection of 40 Ethereum for upcoming burns, suggesting that SHIB burns are on the horizon.
This news follows a pause in token burns since January, with a total of five burns conducted so far, incinerating 43 billion SHIB tokens. The latest burn took place on Jan. 9, destroying 9.35 billion coins.
Lucie responded to community queries regarding future burn activities, generating excitement among SHIB holders.
Price action:
Over the past 24 hours, Shiba Inu demonstrated a 13% surge in value, accompanied by strong trading volumes reaching $5.3 billion. These figures exceeded those of its competitor Dogecoin, which saw $3.97 billion in trading volumes and an 8% price increase.
Why it’s significant:
Data from IntoTheBlock indicates that Shiba Inu is attracting 8,400 new addresses daily, with daily peaks of up to 21,000 new addresses. This represents a significant 20x increase compared to its average in February, suggesting a growing interest in and adoption of the token.
Shiba Inu’s BONE token, despite being a recent addition, gained substantial community support and was ranked fourth in a poll for listing on Binance Futures in USDⓈ-M. This token serves as a transaction fee within the Shiba Inu ecosystem, enabling validators to stake and participate in the network.
What’s next:
Shiba Inu’s leader, Shytoshi Kusama, retweeted a post by crypto investor Jake Gagain, predicting that $SHIB will reach 100 Billion This Cycle. This sparked speculation and excitement within the community.
In a recent TikTok video, Davinci Jeremie shared his decision to swap his Cardano for Shiba Inu, further fueling interest around SHIB.
Investors and the crypto community eagerly await details on the burn mechanism and its potential impact on Shiba Inu’s price. With bullish sentiment and increasing adoption, many are speculating on when the Dogecoin Killer will outperform the original.
