- Meme-based cryptocurrency Shiba Inu rebounds from recent market losses, advancing from 19th to 16th in market cap rankings.
- The rally is primarily attributed to Elon Musk’s unexpected mention of Shiba Inu and a significant increase in token burn activity.
Emerging from recent downturns in the crypto market, Shiba Inu (SHIB), a prominent meme cryptocurrency, has regained footing. According to data from CoinMarketCap, SHIB has ascended from 19th to 16th place in terms of market capitalization.
Driving Factors for SHIB’s Recent Surge
At present, Shiba Inu’s market cap rests at $4.63 billion, demonstrating an encouraging recovery from its recent low of $4.3 billion. A contributing factor to this upswing is none other than tech billionaire Elon Musk.
On Tuesday, the Twitter CEO unexpectedly mentioned Shiba Inu in a tweet discussing potential logos for the X app, which Twitter is currently rebranding. In his tweet, Musk mentioned briefly rebranding the logo into a Shiba Inu dog in the past.
The Shiba Inu community received this mention with enthusiasm, triggering speculation on whether Musk was considering adopting SHIB as the cryptocurrency for the X platform. This chatter significantly drove Shiba Inu’s market cap, escalating its price by 3.33%. However, SHIB has since retracted by 1.94% and is trading at $0.00000780 on the Binance exchange.
In his tweet, Musk was likely referring to an incident in April when Twitter momentarily changed its bluebird logo to DOGE’s mascot. This caused an 8% price surge for Dogecoin, as the community thought the tech tycoon was considering integrating DOGE payments on the platform. However, Twitter reverted to its traditional logo within a week.
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An Increase in SHIB Burns
As per data from Shibburn, a platform that monitors SHIB burn transactions on Etherscan, the Shiba Inu community has successfully eliminated 27,319,578 SHIB coins from the circulating supply in the last 24 hours.
This activity has led to a 156.41% increase in the burn rate compared to Tuesday’s results, achieved through 20 transactions to dead-end wallets, with the largest single transaction amounting to 8,540,364 SHIB sent to a dead address.
In total, the SHIB community has managed to burn 410,652,071,765,820 meme coins, leaving 579,228,613,256,229 SHIB still in circulation in the crypto market. The burning process aims to reduce the circulating supply, thus making a specific cryptocurrency more scarce and deflationary – a strategy employed by several other cryptocurrencies, including BabyDoge, BNB, Ethereum, and FLOKI.
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