Shiba Inu has jumped by 14% in the past 24 hours, with the SHIB price moving to $0.00001958 on a day when the market as a whole has gained by only 1%.
SHIB is now up by 35% in a week and by 39% in the past month, with the meme token also sitting on a healthy 170% increase in the past year.
This makes it one of the best-performing major meme tokens in the market this year, with its recent jumps coming as its burn rate surges.
And with over 400 trillion SHIB burned to date (and counting), the relative reduction in the coin’s supply is likely to keep pushing up its price over time.
Can Shiba Inu’s Surge Make Millionaires in 2024? SHIB Price Analysis
According to data from Shibburn, Shiba Inu’s burn rate has actually increased by a whopping 33,818% in the past 24 hours.
To an extent this comes from rising Shibarium usage, with daily transactions more than doubling in the past week.
In turn, an increase in burning has caused an increase in bullishness, with big burns attracting lots of attention today.
This excitement has clearly fed into the SHIB price, with the coin’s chart signalling lots of momentum today.
For instance, its relative strength index (purple) has been above 70 and nearing 80 for well over a day now.
Its 30-period moving average (orange) is also climbing further above the 200-period average (blue), indicating that SHIB has entered a new expansionary phase.
Source: TradingView
What’s especially encouraging is that SHIB’s trading volume has exploded in the past few days, and has passed $2 billion today.
It’s arguable that such an increase was overdue, with SHIB having underperformed for much of 2024.
This means that the coin has lots of catching up to do, and could continue rising steadily throughout the end of the year.
The SHIB price may hit $0.000020 over the weekend and then $0.000030 by the end of November.
New Meme Tokens with Fundamentals
SHIB looks to be hotting up, but there’s always a risk with strongly bought tokens that they may correct.
However, there are alternative options that look very good at the moment, with presale coins being one profitable outlet for traders.
One of the newest and most exciting presale coins around at the moment is Memebet Token (MEMEBET), an Ethereum-based cryptocurrency that has raised $300,000 since opening its offering a couple of weeks ago.
Memebet is exciting because its token will serve as the utility coin for its very own online crypto-friendly casino, which it will launch once the presale concludes.
Its platform will offer over 1,000 crypto-native games to play, from virtual slots and table games to a big sportsbook.
Users will be able to place bets with the native MEMEBET token, as well as with established coins such as Pepe, Dogecoin, Bonk and Shiba Inu.
Playing with MEMEBET puts users in line for extra play-to-earn rewards, with 20% of the coin’s 2 billion MEMEBET supply being reserved for payouts.
Memebet will also be offering a KYC-free Telegram casino, making it a highly accessible platform for gamers around the world.
Interested investors can join its sale now by going to the official Memebet Token website and connecting their software wallets.
1 MEMEBET currently costs $0.0254, with this price rising by $0.001 with every new stage of the sale.
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