Shiba Inu (SHIB) Sets Meme Coin Market Ablaze with 43% Gains

Shiba Inu (SHIB) is grabbing attention after a remarkable 43% gain in just nine days. $SHIB’s market cap has reached $11.41 billion and was trading at $0.000021as of writing. 

Over the last 24 hours, the price rose by 23.8%, while trading volumes surged by 105%, exceeding $1.3 billion. This increase shows a renewed interest in the meme coin market.

$SHIB Outperforms Competitors

As per the X post above, $SHIB circulation and whale transactions have reached a ten-week high. However, SHIB still trades at a 50% discount from its February high of $0.000043. 

Sentiment suggested that bulls must push for a breakout above $0.000020 with strong trading volumes for $SHIB to regain those levels. Another key factor in $SHIB’s rise is its burn rate. 

Data from Shibburn indicates a staggering 33,818.39% increase in the burn rate over the past 24 hours. This means 0.18 trillion SHIB has moved out of circulation. 

A reduced supply could increase upward pressure on SHIB's price.

Meanwhile, Dogecoin (DOGE) is up by 9%. PEPE), FLOKI), and BONK have risen between 12% and 15%. Overall, these coins have gained more than 30% this week.

Growing Interest in Meme Coins

In a recent X post, BitMEX CEO Arthur Hayes announced he is investing in Pepe Coin. Reports show he deposited 1 million USDC on the Binance exchange. 

Shortly after, he withdrew an impressive 24.39 billion PEPE coins. This move highlights a growing interest in the meme coin space and its potential for future growth.

As Shiba Inu continues to show strength, the overall mood in the meme coin market looks bullish. However, the next few days will be critical for $SHIB as it aims to solidify its gains and attract more investment.