Shiba Inu Suddenly Surges 5%, Outperforms Other Major Altcoins

Shiba Inu Suddenly Surges 5%, Outperforms Other Major Altcoins

this news is taken from u.today: Shiba Inu (SHIB) has experienced 5% surge in value over past 24 hours, significantly outperforming other major altcoins, according to CoinGecko data

Shiba Inu (SHIB), a popular meme cryptocurrency, saw its value spike 5% over the last 24 hours. With the most recent price spike, it has managed to outperform most other major altcoins, according to data from CoinGecko.

The Dogecoin competitor is currently ranked 15th by market capitalization. Other major altcoins have seen little volatility over the past 24 hours.

Shiba Inu's market cap stands at approximately $5 billion, with 24-hour trading volume reaching $240 million. Despite this recent uptick, the coin's value remains significantly lower than its peak in 2021.

Overall, the crypto market appears to be in a state of flux, with a few coins showing significant short-term changes, while others remain relatively stable.

Summer of Shibarium?

Speculation is rife that the sudden price surge is linked to anticipation around Shiba Inu's forthcoming blockchain project, Shibarium.

The Shiba Inu team has been fanning the flames of the so-called "Summer of Shibarium," even as it has yet to announce a definitive launch date for the project.

Shibarium is slated to be a Layer-2 solution that will provide a faster and less costly alternative to the Ethereum network, the platform on which the Shiba Inu coin was originally launched.

Despite the lack of a clear launch date, excitement within the Shiba Inu community remains high. Adding to this anticipation, the Shibarium project recently introduced its Beta Bridge for public testing. As optimism continues to grow, the market remains cautious. Tokens such as BONE and SHIB are still far from their previous 2021 highs.

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Shiba Inu Burns Progress as Momentous Day Nears for SHIB

Shiba Inu burning has steadily progressed.

Shiba Inu burning keeps generating interest from the SHIB community, which wants to see burns soar into the trillions. The first major and biggest Shiba Inu burn took place in May 2021, when Ethereum co-creator Vitalik Buterin torched 41% of the Shiba Inu supply.

Buterin, who was unwittingly given half of SHIB's total supply, burned 90% of his SHIB holdings, which totaled roughly $7.35 billion at the time, claiming he did not want to be a locus of power of that kind. In a single transaction, nearly 410.2 trillion tokens were sent to a dead blockchain address, thus removing them from circulation.

Shiba Inu burning has steadily progressed since then, with a total of 410,652,272,733,699 SHIB tokens burned from the initial supply of 1 quadrillion tokens.

According to the Shibburn initiative, in the last seven days, a total of 268,198,181 SHIB tokens were burned in 107 transactions. In the last 24 hours, a total of 45,241,808 SHIB tokens were burned in 11 transactions. 

Momentous day nears 

Shiba Inu has begun a countdown to its third anniversary. The official SHIB Twitter account shares an exciting tweet alluding to the event: "The countdown has begun. We're just a few days away from our 3rd barkday, and the excitement is off the leash." 

Ryoshi, Shiba Inu's unknown creator(s), launched the cryptocurrency in August 2020. 

Shiba Inu's third anniversary promises to be a historic one, as SHIB is the title sponsor of the Blockchain Futurist Conference, where a lot of announcements are expected.

"It's there that the Worldpaper will be on display, fully completed, where all SHIB-branded projects will be revealed, and where TREAT will first be publicly discussed in detail. It's also highly likely we will discuss and even release our long-awaited L2 Shibarium," Shiba Inu lead Shytoshi Kusama earlier stated.