Will SHIB Soar? The Price Surge Everyone’s Talking About!

TL;DR

The Shiba Inu team and community eliminated over one billion tokens from the circulating supply within the last 24 hours.
Nevertheless, SHIB’s value remains in the negative zone on a weekly basis.

The Incineration Surges

The second-largest meme currency, Shiba Inu, experienced its burn rate escalate by around 7,200% in the last 24 hours, leading to over 1.1 billion tokens being dispatched to a null address.

Although the USD equivalent of the incinerated amount is negligible, ongoing initiatives in this area will diminish the circulating supply of SHIB, rendering it scarcer and potentially more valuable in the future (should demand grow or remain steady).

Another positive aspect to highlight is Shiba Inu’s exchange netflow. According to data from CryptoQuant, outflows have surpassed inflows in the previous week, indicating a potential transition from centralized exchanges to private wallets. This, consequently, alleviates the immediate selling pressure.

Despite the favorable developments, the price of the meme cryptocurrency has underperformed on a weekly basis. It is currently priced at approximately $0.00001876 (as per CoinGecko’s data), reflecting an 8% decrease over that period.

How’s the Main Competitor Faring?

The clear frontrunner in the meme coin arena – Dogecoin (DOGE) – has exhibited a performance quite parallel to SHIB over the past week. Its price has dropped by approximately 9% to the current $0.33.

However, crypto X is packed with analysts who predict a significant DOGE rally is forthcoming. The X user Lucky recently informed his over two million followers that the meme currency “is acquiring serious momentum.” They proposed that Dogecoin’s next likely surge would be “epic,” asserting that the $1 landmark “is merely a question of time.”

Earlier this week, Ali Martinez questioned how some could wager against DOGE since “at any given moment” it could skyrocket by a staggering 900% in just 48 hours. Such a surge would resemble the asset’s performance at the end of January 2021, when the value surged by triple digits in a few days.

Meanwhile, the meme currency might receive a notable price increase should the US Securities and Exchange Commission (SEC) authorize Bitwise’s proposal to introduce a spot DOGE ETF in the United States. This investment vehicle will provide more avenues for individuals to gain exposure to the meme currency, which could positively influence its performance.