Shiba Inu (SHIB) Hits a Major Milestone as the Price Explodes 50% in a Day

TL;DR

• Shiba Inu’s price has surged significantly, with a majority of investors sitting on profits (at least on paper).
• The rally is accompanied by a resurgence of the burning mechanism and the L2 blockchain solution Shibarium.

SHIB’s Latest Achievement

The popular meme coin – Shiba Inu – has been one of crypto’s rock stars for the past few days, with its price exploding by nearly 300% in a week. The rally has benefited numerous holders, and over 84% of SHIB investors currently sit on paper profits (according to IntoTheBlock). The trends were much different in September last year, when approximately 90% of those exposed to the token were underwater.

The impressive price ascent coincides with a milestone achieved by the layer-2 scaling solution Shibarium. Data shows that total blocks on the network have surpassed the 3.5 million mark, whereas total transactions are inching towards the 400 million level.

Shibarium is designed to foster the development of the Shiba Inu ecosystem by improving speed and lowering transaction costs. 

The Shiba Inu burn rate has also experienced a significant uptick as of late, spiking by 90% in the past 24 hours and resulting in 130 million tokens removed from circulation. As CryptoPotato reported, the metric skyrocketed by 30,000% at the end of last week. 

SHIB Outperforms Many Rivals

Besides witnessing a considerable price increase, Shiba Inu’s daily trading volume has also headed north. The figure has surged to $13 billion in the past 24 hours, thus surpassing Dogecoin (DOGE), which has witnessed approximately $8.5 billion.

Cardano (ADA), Ripple (XRP), and Solana (SOL) fall behind, too, recording $1.4 billion, $4 billion, and $5 billion, respectively.

Shiba Inu’s market capitalization currently sits at a 25-month high of $23 billion, or “just” $3 billion away from flipping Dogecoin as the largest meme coin.

As the crypto markets heat up, remember to be careful, especially if trading. Here are some popular mistakes to avoid.