HomeNewsShiba Inu Adoption Goes Up 20x, Fueling Speculation: Will SHIB Outpace DOGE?

Shiba Inu Adoption Goes Up 20x, Fueling Speculation: Will SHIB Outpace DOGE?

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  • Shiba Inu (SHIB) experienced a 261.18% price increase last month, reaching over $0.000044, and now trades around $0.000027 after a correction.
  • Unlike Dogecoin, with a weekly increase of 35%, SHIB has seen a more than 160% increase in price, with daily trading volume exceeding $3.6 billion versus Dogecoin’s $3 billion.

Recently, Shiba Inu experienced a surge in its price, climbing 261.18% in the last month and peaking above $0.000044. However, this euphoria was tempered by a correction that brought its price to around $0.000027.

SHIB_1M_graph_coinmarketcap (1)
Source: CoinmarketCap – SHIB Price

Comparatively, Dogecoin, the pioneer among meme-inspired cryptocurrencies, managed a more moderate increase, with a weekly rise of 35%.

Source: X/@ShibInfo

One of the most telling indicators of interest in Shiba Inu is its daily trading volume, which recently surpassed $3.6 billion, eclipsing the $3 billion recorded by Dogecoin.

SHIB vs DOGE in terms of the market cap | Source: CoinMarketCap

This data reflects not only the liquidity of the asset but also the vigorous investor interest and confidence in its long-term potential.

In turn,Shiba Inu managed to reverse a downtrend, registering a 12.20%increase in the last 24 hours. This has been interpreted by analysts and traders as a sign of SHIB resilience in the face of recent cryptomarket trends.

A key element that has catalyzed recent interest and investment is the impressive increase in its burn rate, registering an astonishing 15,608%.

Source: X/@shibburn

This achievement has been the result of decisive actions by the SHIB team, which has proceeded to remove SHIB, BONE, and LEASH tokens from circulation, a strategy aimed at increasing their scarcity and, therefore, their value in the market.

In the last 24 hours, a total of 13,610,153,841 $SHIB tokenshave been burned through 12 transactions, which translates to a monetary value of $489,965.

This move has coincided with renewed enthusiasm and activity within the Shiba Inu community, reflected in an approximately 300% rise in the price of SHIB, reaching highs of $0.00004575.

In addition, Shytoshi Kusama, leader of Shiba Inu, has offered more detailed insight into the Shibarium burns, explaining how the burn figures were calculated, including a total of 92 ETH burned.

This process ties in with the release of Sheboshis, a female counterpart to Shiboshis and a hybrid NFT token that has captured the imagination of the community.

In terms of market performance, SHIB has seen a 4.41% increase in the last 24 hours, trading at $0.000035. In parallel, BONE and LEASH have also seen significant increases, up 5% and 3% respectively, showing positive dynamics across the Shiba Inu ecosystem.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: [email protected] Phone: +49 160 92211628