Meme coin Shiba Inu (SHIB) is experiencing a historic rally, fueled by Bitcoin's recent breakthrough above $64,000**. Early Saturday, SHIB hit a multi-month high of **$0.00002196, marking a 68.5% increase within 24 hours and a 122.8% weekly gain. The uptrend began on February 24 from a low of $0.00000934, accelerating sharply on March 1–2 and continuing for eight consecutive days.
Key Drivers of SHIB’s Rally
- Trading Volume Boom: 24-hour trading volume surged 407% to $7.389 billion, reflecting heightened investor interest.
- Strategic Partnership: SHIB’s collaboration with cryptography firm Zama aims to build a privacy-focused network on the Shibarium blockchain, enhancing its utility.
- Supply Reduction: The SHIB burn rate spiked 3,0187% on March 1, with 3.75 million tokens destroyed in 24 hours, reducing circulating supply.
👉 Discover how SHIB’s burns impact its long-term value
Market Dynamics
- Accumulation Zone: 437.52 trillion SHIB were purchased by 170,400 addresses at an average of $0.000021, creating strong support.
- Whale Activity: A transfer of 3.02 trillion SHIB to a wallet named after Robinhood has drawn significant attention.
Community-Led Growth
Projects like SHEboshi, KNINE launch, and Sharbi’s FETCH bridge are amplifying SHIB’s ecosystem appeal.
FAQ
Q: Why is Shiba Inu’s price rising?
A: Factors include Bitcoin’s rally, SHIB’s partnership with Zama, increased burn rates, and whale transactions.
Q: What is the SHIB burn rate?
A: It’s the rate at which SHIB tokens are permanently removed from circulation; a 3,0187% spike occurred recently.
Q: How does Shibarium contribute to SHIB’s value?
A: It enables privacy-focused developments, expanding SHIB’s use cases beyond a meme coin.
👉 Explore SHIB’s latest innovations here
Disclaimer: Cryptocurrency investments are volatile. Conduct thorough research before investing.