TL;DR
- Shiba Inu (SHIB) rose by 16% daily, reaching a market cap of $16.9 billion, making it the 11th largest cryptocurrency.
- The surge coincides with an overall meme coin revival, with many other assets witnessing substantial price increases.
SHIB Steps up
The meme coin sector has made waves in the past several hours, with its market capitalization surpassing the $70 billion mark. Numerous assets of that type are among the best performers in the market today (May 29), registering double-digit price jumps.
Shiba Inu (SHIB) is a notable example, rising by over 16% on a 24-hour scale. The market cap of the self-proclaimed Dogecoin-killer briefly touched $17 billion before settling at its current level of approximately $16.9 billion (per CoinGecko’s data). Thus, it flipped Cardano (ADA) and became the 11th biggest cryptocurrency.
Despite the surge, SHIB remains the second-biggest meme coin, trailing behind Dogecoin (DOGE), which has a market capitalization of over $24 billion.
Shiba Inu’s latest spike coincides with the rise of some important metrics related to its ecosystem. Trading volume in the past 24 hours has pumped to nearly $1.9 billion, outperforming DOGE ($1.2 billion), PEPE ($1.3 billion), and all other meme coins on that front.
SHIB aggregated daily volume (where each transaction exceeds $100,000) reached $214 million, representing a 135% increase compared to the figure observed on May 28.
According to IntoTheBlock, 70% of all Shiba Inu holders currently sit on paper profits. The situation was much more different in September last year when almost 90% of those exposed to the asset were underwater.
The Potential Contributing Factors
Two essential elements that may have impacted the most recent Shiba Inu revival are the project’s burning mechanism and the advancement of its layer-2 scaling solution – Shibarium.
As CryptoPotato reported, the burn rate exploded by almost 600% a week ago, resulting in almost 10 million tokens destroyed. The program’s ultimate goal is to reduce the tremendous circulating supply of the meme coin, making it scarcer and potentially more valuable in time (assuming demand stays the same or rises). The SHIB team has so far sent approximately 41% of the total supply to a null address.
Shibarium, which aims to elevate Shiba Inu above its rivals by lowering transaction fees and improving speed, has made great strides since its launch last summer. It blasted through multiple milestones, such as surpassing the 400 million mark in terms of total transactions.
It also underwent two major upgrades to improve user experience, empower theย community of developers and innovators, and implement quicker block processing times. Those curious to learn more about Shibarium, please take a look at our dedicated video below:
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