The dog-themed meme coin Shiba Inu has surged by 17.7% today and 30% over the last week.
This upward trend is the highest Shiba Inu (SHIB) has achieved since April 1.
Various media outlets indicate that this rally can be attributed to a significant spike in burn rate — exceeding 7,400% — and a decrease in supply. It remains to be seen if this momentum can be maintained.
In a post on X dated November 21, Analyst Ali Martinez forecasted that SHIB could rise to $0.000037—54% higher than its price at that moment.
Analyst Javon Marks, on the other hand, envisioned a potential surge to $0.000081, which would imply an increase of over 200%.
Shiba Inu Tokens Continue to Burn
On Sunday, Shiburn data showed a 984.26% spike in Shiba Inu token burns over the last week, bringing the circulating supply to approximately 589.2 trillion.
Previously, Crypto.news reported that Shibarium, its layer-2 blockchain, facilitated over 541 million transactions in recent months.
Experts believe that the network expansion is bullish for SHIB, as the transaction fees—paid in BONE tokens—are partially converted into SHIB and burned, further reducing the supply.
BONE serves as the governance token for the Shiba Inu ecosystem, allowing holders to engage in decision-making through the Doggy DAO.
It plays an important role in the Shibarium Layer 2 blockchain, where it is utilized for gas fees and to incentivize validators and delegators. This highlights Shiba Inu’s evolution from a mere meme token to a comprehensive blockchain project with decentralized governance and utility.
There is also a noticeable trend of SHIB whale accumulation. According to IntoTheBlock, the netflow of large holders spiked by 256% on November 21. Whales gathered 393.48 billion SHIB tokens, valued at over $9.8 million, compared to a $6 million sell-off recorded the day before.
The anticipated surge of Bitcoin (BTC) to $100,000 might further catalyze the Shiba Inu rally.
Shiba Inu originally began as a community-driven cryptocurrency experiment, heavily inspired by Dogecoin (DOGE), branding itself as the “Dogecoin Killer.”
In contrast to typical cryptocurrencies, Shiba Inu prioritized decentralization and a grassroots initiative, counting on its community, known as the “Shib Army,” for growth and adoption.
The token’s anonymous creator, referred to simply as “Ryoshi,” has expressed their unimportance, emphasizing that the project belongs entirely to its community.
