Shiba Inu (SHIB) Price Soars by 7% in an Hour: Details

TL;DR

• Shiba Inu experienced a 7% price increase, aligning with a broader market uptick of the cryptocurrency market.
• The rise in SHIB’s value could be linked to a significant increase in its token burn rate and upgrades to its Shibarium layer-2 solution.

SHIB Flashes Green

After several days of underperforming, the popular meme coin finally started rallying again. Its price spiked by almost 7% in the past hour while its market capitalization neared the $14 billion mark.

The resurgence coincides with a sudden green wave that pervaded much of the cryptocurrency market. Bitcoin (BTC) jumped to almost $63,000, Ethereum (ETH) is close to surpassing the $3,000 mark, while Solana (SOL) crossed $145. 

The revival in the meme coin sector is also evident. Shiba Inu’s biggest rival – Dogecoin (DOGE) – is up 3% in the past hour. Dogwifhat (WIF), Pepe (PEPE), Bonk Inu (BONK), and many more have also witnessed impressive gains, albeit not as substantial as SHIB. 

The Potential Reasons

Besides the overall market revival, SHIB’s valuation might have been positively impacted by the Shiba Inu burn rate, which skyrocketed by over 300% in the past week. This resulted in more than 200 million tokens destroyed.

The mechanism’s ultimate goal is to reduce the tremendous circulating supply of the asset, making it scarcer and potentially more valuable in time.

Shibarium’s advancement is also worth mentioning. Shiba Inu’s layer-2 scaling solution (which aims to foster the development of the meme coin by reducing transaction fees and improving speed) recently underwent two essential upgrades. The goal was to enhance user experience and allow compatibility with popular wallets, including MetaMask, Coinbase Wallet, and Trust Wallet.