Shiba Inu Soars To Eight-Month High, Up 13% as Meme Coins Rally
Posted On December 1, 2024
Cryptocurrency Shiba Inu (CRYPTO: SHIB) has surged, reaching an eight-month high amid a meme coin rally.
What Happened: On Sunday, Shiba Inu, the second-largest dog-centric cryptocurrency by market capitalization, surged. The Ethereum-based token spiked to $0.00003061. SHIB is up by more than 13% for the day. The last time Shiba Inu hit such a high was on April 1.
SHIB has seen a massive 7,400% increase in its weekly burn rate, with around 2 billion tokens being destroyed. This development has sparked renewed optimism about SHIB’s price potential.
Official tracker Shibburn reported a 7,418% surge in the SHIB weekly burn on Saturday. This followed the removal of 1.93 billion coins from the meme token’s market supply.
The total supply of …
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