With the support of the rally in the broader cryptocurrency market, there’s a strong undercurrent in the memecoin sector. In the last 24 hours, Shiba Inu has been leading the memecoin rally with a staggering 52% accompanied by Dogecoin’s 18% gains. The Shiba Inu price is currently trading at $0.00002.

Shiba Inu (SHIB) Price Rally

As of press time, the Shiba Inu (SHIB) price is up 52.85% trading at $0.00001976 with a market cap of $11.65 billion. Also, the daily trading volume for SHIB has also shot up by a staggering 93% moving closer to $4 billion.

The recent surge in the SHIB price comes amid massive whale activity. Lookonchain’s data reveals a significant event: a whale recently sold a considerable amount of PEPE tokens, totaling 1.97 trillion and reaching a staggering $6.07 million. Following this sale, the whale pocketed a profit of $3.49 million. Subsequently, the whale shifted focus to Shiba Inu, purchasing 75.9 billion SHIB tokens valued at $893,000.

A smart whale changed his position from $PEPE to $SHIB, $MANA, $SAND, and $GALA.

The whale sold all 1.97T $PEPE($6.07M) and made a profit of $3.49M.

Then bought 75.9B $SHIB($893K), 1.6M $MANA($1.07M), 2.43M $SAND($1.48M) and 36.88M $GALA($1.46M).https://t.co/TsQgABvjIt pic.twitter.com/PbWGVtOVOZ

— Lookonchain (@lookonchain) March 1, 2024

Another major contributing factor to the Shiba Inu (SHIB) price rally is the staggering 30000% surge in burn rate recorded on March 1st. In the past 24 hours, the destruction of 3.75 million SHIB tokens has contributed to a continuous reduction in the meme coin’s supply, prompting increased optimism within the global crypto community. The total tokens burnt from Shiba Inu’s initial supply have now reached around 410.70 trillion SHIB, leaving a circulating supply of 581.65 billion coins.

Lucie, a marking specialist within the Shiba Inu ecosystem, anticipates an 800% surge in the Shiba Inu price. Drawing parallels with the 2021 bull run, Lucie points out a remarkable 800% increase within a single week, even in the absence of any documented burns.

$SHIB surged 800% in a week without any burns in 2021.

Eager to see the outcome in 2024.

Slow burns and steady demand are essential.$SHIB is poised for growth and waits for no one.

— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO (@LucieSHIB) February 28, 2024

Memecoin Fest Begins

According to on-chain data provider Santiment, Shiba Inu is the newest memecoin experiencing a surge in value following the trends set by Dogecoin, Bonk, Floki, and Pepe. These fluctuations in social dominance are vital for predicting peak moments as the week comes to an end.

#ShibaInu is the latest #memecoin surging in value after #Dogecoin, #Bonk, #Floki, and #Pepe have all taken their turns in the sun as the work week draws to a close. Track social dominance spikes with each here, as they are crucial in timing the tops. https://t.co/HMUBWWRo8v pic.twitter.com/bSb3HvIGrB

— Santiment (@santimentfeed) March 2, 2024

The Dogecoin (DOGE) price rally continues with another 18% gains at press time shooting past $0.15. Over the last week, the DOGE price has surged by a staggering 66%.

Solana-based Dogwifhat (WIF) is another major memecoin that has been part of the memecoin rally. In the last 24 hours, the WIF price is up by another 35% shooting all the way to $1.25. With this, Dogwifhat (WIF) has extended its weekly rally to a staggering 311%.

The post Memecoin Mania: Shiba Inu (SHIB) Price Shoots 52%, Insider Predicts 800% Rally In A Week appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am