Shiba Inu Skyrockets: $3.3 Billion Added to Market Cap in 24 Hours

Shiba Inu (SHIB) has surged by 21%, becoming the top performer among leading cryptocurrencies. The price now sits at around $0.00001912, according to CoinGecko. This rise highlights increased activity within the Shiba Inu ecosystem, driven by Shibarium’s growth, rising staking, and an aggressive token burning strategy.

Significant Market Cap Growth and Shibarium Expansion

SHIB’s market cap grew by $3.3 billion in a single day, making it the second-largest meme coin after Dogecoin (DOGE), whose market cap is close to $18 billion. Crypto enthusiast Santiago R Santos noted that SHIB’s recent market cap growth outpaced WIF’s $2.1 billion and POPCAT’s $1 billion combined market values.

SHIB just added a cool $3.3B in market cap today. That’s more than WIF ($2.1B) and POPCAT ($1B) combined

Where is the liquidity coming from? 🥠🐉 pic.twitter.com/aqWQlHJJtr
— Santiago R Santos | #9159 (@santiagoroel) September 26, 2024

Shiba Inu’s layer-2 scaling solution, Shibarium, has played a key role in this uptrend. Its Total Value Locked (TVL) jumped to $3.64 million, signaling increased staking and liquidity services.

Additionally, 93.7 billion KNINE tokens have been bridged to Shibarium, showing rising user confidence and greater activity within the ecosystem.

Aggressive Supply Reduction Through Burning

The SHIB community continues its aggressive burning strategy, aimed at reducing its circulating supply to boost prices. Recent data shows a 33,818.39% spike in the burn rate within a day, resulting in 1.9 billion tokens being removed from circulation. In total, the community has burned over 410 trillion tokens, leaving about 583 trillion still in circulation.

Analysts believe SHIB may experience further gains, having identified a technical breakout. The asset has moved out of a falling wedge pattern, typically signaling a bullish reversal. Some predict that SHIB could hit $0.000081 in the near future. This pattern began after SHIB’s price decline in March, positioning it for a potential upward move.

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With Shibarium’s growing adoption and the community’s active efforts in supply reduction, SHIB’s recent performance hints at sustained momentum for the coin.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.