Shiba Inu Coin (SHIB) rose by only 15% when it soared to a price of more than $0.00003, which was the second 15% increase in a week.
After opening at 0.00002795 USD, the price of SHIB was 0.00002871 USD at 5:19 PM BST. By 5:59 pm, it reached $0.00003301-an increase of 14.97% in less than an hour. At the time of writing, the price of SHIB has risen to $0.00003340-a 20% increase in the past 24 hours.
This is after SHIB rose 14.5% in 20 minutes last week, following another tweet by Elon Musk.
SHIB pushes to an all-time high
Although Elon Musk’s tweets can explain the previous surge in SHIB, the reason for this jump is not yet clear.
However, the most important contender comes from the recent Shiba Inu burn. At 5:02 pm, the Binance-16 wallet burned 877,949,459.14 SHIB worth about 25,000 USD. Soon after, both prices and transaction volumes soared.
However, given that this only accounts for 0.00008% of SHIB’s total supply, this may not be the only explanation. With SHIB hitting the $0.00003 mark, it may have broken the previous resistance level, triggering a sharp increase in prices.
Considering the circulation of nearly 600 trillion SHIB, the desire to burn SHIB is still a hot topic in the Shiba community. Several items including Shiboshi NFT and SHIB Burner music playlists all contain the elements of SHIB burning.
After the second surge in the past 7 days, SHIB is still down 14% from its historical high of $0.0000388. As the SHIB community celebrated its recent surge, many people called on SHIB to break its ATH and even reduce its price to zero.
SHIB has gained 33.9% in the past week and 369% in the past 30 days.
The increase in the price of SHIB has allowed the token to consolidate its position among the top 20 cryptocurrencies by market capitalization. SHIB is ranked 12th with a cap of $16.7 billion (via CoinGecko), second only to Terra.
SHIB started as a meme coin competing with Dogecoin (DOGE), and has now become the foundation of a wider Shiba ecosystem including several other tokens. After the launch of ShibaSwap and Shiboshi NFT, the Shiba team’s future plans include launching a Layer-2 and a NFT game, code-named Oshiverse.
The post Shiba Inu Coin (SHIB) rose again by 15% in less than an hour first appeared on Professional player strategy.