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Join WhatsApp channelShiba Inu (SHIB), the popular dog-themed cryptocurrency, surged 17.7% in a single day and has climbed 30% over the past week, marking its strongest performance since April 1. Analysts attribute the rally to a remarkable spike in its token burn rate—soaring over 7,400%—and the corresponding reduction in its circulating supply.
Analysts Eye Higher Gains
Prominent crypto analyst Ali Martinez recently projected SHIB could hit $0.000037, representing a 54% rise from its prior value. Meanwhile, analyst Javon Marks posits an even more ambitious target of $0.000081, which would mark a staggering 200% increase.
Burn Rate and Ecosystem Growth
Data from Shiburn highlights a 984.26% jump in SHIB token burns over the last seven days, reducing the circulating supply to 589.2 trillion tokens. Additionally, Shibarium, Shiba Inu’s Layer-2 blockchain, has processed over 541 million transactions since its launch. Shibarium’s design integrates with the Shiba Inu ecosystem by converting transaction fees, denominated in BONE tokens, into SHIB, which are subsequently burned.
BONE, the ecosystem’s governance token, plays a crucial role by enabling decentralized decision-making through the Doggy DAO. It also functions as a gas fee token, ensuring Shibarium’s operational stability and incentivizing network validators and delegators.
Whales Accumulate SHIB Amid Broader Crypto Optimism
Whale activity signals further bullish sentiment for SHIB. According to IntoTheBlock, large-holder netflows spiked 256% on November 21, with whales acquiring 393.48 billion SHIB tokens worth over $9.8 million. This accumulation coincided with a reduced sell-off of $6 million the previous day, reinforcing confidence in the token.
Additionally, Bitcoin’s (BTC) anticipated surge to $100,000 could act as a broader catalyst for the crypto market, potentially propelling SHIB further.
From Meme Token to Blockchain Ecosystem
Initially launched as a “Dogecoin Killer,” Shiba Inu started as an experiment in community-driven cryptocurrency. Its creator, known as “Ryoshi,” embraced anonymity and emphasized decentralization, entrusting the token’s growth to its vibrant community, the “Shib Army.” Today, Shiba Inu is evolving beyond its meme origins into a full-fledged blockchain ecosystem with governance and utility features.
