As of Tuesday 7:28 a.m. ET, SHIB, the one-time underdog, is shining as a blazing star on the crypto horizon, boasting a staggering 293% surge over the past week, a whopping 353% increase in the last 30 days, and trading at $0.00004079. The current price underlines a remarkable 264% surge in value year-on-year — coming after a tortuous year that seemed to endlessly test the faith of the Shib Army.
But wait, there’s more.
SHIB has ascended to the tenth position on CoinMarketCap’s “Cryptocurrency Prices by Market Cap,” vaulting from its previous 20th spot, leapfrogging eight other crypto assets along the way.
Amid the FUD (fear, uncertainty, doubt) spread by shadow cats (as Shytoshi Kusama called them), the Shib Army, particularly its OG members, have remained steadfast, fostering community trust and driving forward the ecosystem’s initiatives. They stand as a testament to loyalty and determination, fueled by a genuine aspiration to revolutionize the world.
While the tide has turned, some may succumb to FOMO amid the bullish sentiments; others may rue missed opportunities during the bear market. But the market is now awash with those who kept the faith and are reaping the rich rewards.
Justin Sun, the visionary Chinese-born entrepreneur behind TRON and Poloniex, and current advisor of the HTX exchange, orchestrated a strategic move that left Shiba Inu detractors in disbelief, as in jaws on the ground and eyeballs rolling!
Blockchain security firm Peckshield revealed that one of Sun’s wallets, “Justin Sun-4,” transferred 20 billion SHIB tokens, valued at approximately $544,400, to his Poloniex exchange at 3:54 a.m. ET on Monday. Although not unprecedented, many interpret this move as a means for Sun to capitalize on the price surge, bolstering SHIB’s liquidity on the Poloniex platform.
Nevertheless, the Shib Army is happy, as this move is expected to contribute significantly to the token’s burn activity, further enhancing its scarcity and value.
Speaking of burn, the burn rate within the Shiba Ecosystem remains robust, with a significant number of tokens being removed from circulation.
According to Shibburn, the tracker monitoring burning activities, a total of 113,656,085 $SHIB tokens were destroyed across 14 transactions in the past 24 hours alone.
Notably, last Saturday saw a major burn event that propelled the burn rate to an astonishing 30,000%, resulting in the permanent removal of nearly 4 million SHIB tokens from circulation.
In the span of the past seven days, the community witnessed a remarkable surge in the burn rate, amounting to a 55.74% increase, which led to the destruction of 292,011,666 tokens.
February also saw considerable burning activity within the Shiba Ecosystem, with more than 643 million SHIB tokens being burned throughout the month.
These ongoing burning initiatives underscore the community’s commitment to reducing the token supply, thereby enhancing scarcity and potentially driving value appreciation for SHIB holders.
