Shiba Inu Coin (SHIB) just spiked by 15% as it soared past the $0.00003 price, marking the second 15% spike in under a week.
After starting the day at $0.00002795, SHIB’s price was $0.00002871 at 5:19 PM BST. By 5:59 PM, it reached $0.00003301 - an increase of 14.97% in under an hour. SHIB’s price has since increased to $0.00003340 at the time of writing - up 20% in the past 24 hours.
This comes after SHIB jumped by 14.5% in 20 minutes last week, following yet another Elon Musk tweet.
SHIB Pushes Towards All-Time High
While an Elon Musk tweet can explain the previous SHIB surge, the reasons for this jump are not as clear.
However, the most significant contender comes from a recent Shiba Inu burn. At 5:02 PM, the Binance-16 wallet burned 877,949,459.14 SHIB worth around $25,000. Both the price and trading volume soared shortly after.
However, given this represents only 0.00008% of the total SHIB supply, this may not be the sole explanation. As SHIB hit the $0.00003 mark, it may have broken through the previous resistance level, sparking a sharp price increase.
The desire for SHIB burning remains a hot topic in the Shiba community, given the near 600 trillion SHIB circulating. Several projects, including the Shiboshi NFTs and the SHIB Burner music playlist, incorporate elements of SHIB burning.
After its second surge in the past seven days, SHIB is still down 14% from its All-Time High of $0.0000388. As the SHIB community celebrated its latest spike, many called for SHIB to break its ATH, or even knock a zero off its price.
SHIB is up 33.9% in the past week, and 369% in the last 30 days.
SHIB’s price rise has seen the token cement its place in the top 20 cryptocurrencies by market cap. With a cap of $16.7bn (via CoinGecko), SHIB sits in 12th place, just behind Terra.
Initially starting out as a memecoin to compete with Dogecoin (DOGE), SHIB has become the basis of a wider Shiba ecosystem that includes several other tokens. Following the launch of ShibaSwap and Shiboshi NFTs, the Shiba team’s future plans include launching a Layer-2 and an NFT game, codenamed the Oshiverse.