Why is the Shiba Inu (SHIB) Price Up Today?
TL;DR
- Shiba Inu (SHIB) experienced a 6% price increase today, making it the best performer among the top 20 cryptocurrencies.
- Its rally occurs amidst a broader positive trend in the meme coin market, where other assets like DOGE and MEW also recorded gains.
The Possible Reasons
The second-largest meme coin – Shiba Inu (SHIB) – is among the best-performing cryptocurrencies (at least from the top 20 list) today (April 17), with its price spiking by 6% on a daily scale.
Its rally could be attributed to numerous important factors, such as the massive burn rate increase. As CryptoPotato reported, the team behind Shiba Inu burned almost 800 million tokens in the past week, while the destroyed assets throughout March surpassed the 15.5 billion mark. The program’s ultimate goal is to reduce SHIB’s tremendous supply, making it scarcer and potentially more valuable in time.
Another element that might have played a role is the resurgence of the layer-2 scaling solution – Shibarium. Daily transactions on the network have headed north lately, while the total number of transactions has surpassed the 400 million level.
Shibarium was introduced last summer and aims to elevate Shiba Inu above its rivals in the meme coin niche by improving speed, lowering transaction fees, and enhancing scalability. If you are curious to learn more about the feature, take a look at our dedicated video below:
Overall Meme Coin Revival
SHIB’s latest price rally coincides with a green wave that reigns across the meme coin cohort. Leading assets of that type, such as Dogecoin (DOGE), dogwifhat (WIF), Floki Inu (FLOKI), and Bonk Inu (BONK) have charted some gains in the past 24 hours, albeit not as substantial as Shiba Inu’s.
The best performer in the realm is once again the Solana-based meme coin Cat in a Dogs World (MEW), whose valuation jumped by 40%. Other notable gainers include PEPE (8%), PUPS (19%), and SLERF (13%).
The post Why is the Shiba Inu (SHIB) Price Up Today? appeared first on CryptoPotato.
