Shiba Inu (SHIB) Price Skyrockets 70% Amid Memecoin Frenzy

On Mar 3, 2024

Four main factors contribute to the recent surge in Shiba Inu (SHIB) price e.g. whaleaccumulation, burn rate, partnerships, memecoin frenzy.
Employing the $100 Dollar-Cost Average (DCA) strategy since January 2021 every month could have made investors $11 million.

The world’s second-largest memecoin Shiba Inu (SHIB) is witnessing a mammoth price rally gaining more than 70% in the last 24 hours and shooting past $0.000022 with its market cap hitting $13 billion. Moreover, the 24-hour trading volume in Shiba Inu has also surged by a staggering 300% reaching all the way to $5.93 billion.

Four Reasons Behind Shiba Inu Price Rally

There have been several contributing factors lately that have propelled the Shiba Inu (SHIB) Price rally. Let’s discuss the four main factors behind this rally.

Memecoin Frenzy: Amid the substantial surge in Bitcoin this week, there appears to be a resurgence of interest in high-risk investments within the cryptocurrency space. Analysis of the latest 24-hour performance data indicates that the top three performers among the top 100 cryptocurrencies, ranked by market capitalization, are all meme coins.
Shiba Inu (SHIB) leads the pack with 70% gains, followed by Dogecoin (DOGE) which has gained 20% all the way to 15 cents. Other memecoins like BONK, PEPE Coin, and Floki Inu (FLOKI) have also joined the party. reported by Crypto News Flash, Floki Inu recently clocked a $10 million corporate investment leading to its price surge.
Whale Movements: Whale transactions on the Shiba Inu network have skyrocketed by nearly 500%, as per a recent Crypto News Flash report. Lookonchain’s data highlights a significant occurrence: a whale recently offloaded a substantial amount of PEPE tokens, totaling 1.97 trillion, worth $6.07 million. Consequently, the whale redirected its attention to Shiba Inu, acquiring 75.9 billion SHIB tokens valued at $893,000.
Shiba Inu Burn Rate: Shiba Inu (SHIB) burn rate skyrocketed by 30,000% increase in the burn rate observed on March 1st, as reported by Crypto News Flash. Over the last 24 hours, the elimination of 3.75 million SHIB tokens has contributed to an ongoing decrease in the meme coin’s supply. The total number of tokens burned from Shiba Inu’s initial supply has now surpassed approximately 410.70 trillion SHIB, resulting in a circulating supply of 581.65 billion coins.
Partnerships: The SHIB team revealed a partnership with Zama yesterday, a prominent figure in Fully Homomorphic Encryption (FHE) technology. This joint venture is designed to bolster the privacy and security aspects of the SHIB ecosystem.

Million-Dollar Profit Strategy

In January 2021, Shiba Inu entered the market at a modest price of $0.000000000077295. Employing the Dollar-Cost Average (DCA) strategy proved to be a prudent decision. Consistently investing $100 monthly in SHIB since January 2021, despite the inherent volatility of the market, enabled investors to gradually accumulate a significant amount of SHIB over time.

As the months went by, the price of SHIB underwent noticeable fluctuations, encountering peaks and troughs along the journey. Thus, the disciplined execution of the DCA approach, which involved a total investment of $3,800 spread over 38 months, laid the groundwork for potential future gains.

Today, SHIB is trading at approximately $0.000009. By leveraging the DCA method to acquire 1.307 trillion tokens, the current valuation stands at an impressive $11.69 million.