Shiba Inu has taken the spotlight in the market today after growing its price by 13% overnight and the burn rate up 640%
The atmosphere around dog-themed memecoin Shiba Inu (SHIB) is enticing, with many market observers wondering what could have triggered it.
Shiba Inu’s Key Metrics on Fire
According to the dedicated Shiba Inu burn tracker Shibburn, the rate has increased by 640.71% in the last 24 hours. This led to the incineration of 5,555,360 SHIB, while the total burnt token from the initial supply is 410,728,840,054,028. After the previous burns and this recent one, the SHIB community has a circulating supply of 583,500,329,316,551 SHIB.
In addition, the price of SHIB has skyrocketed by 13.54% in the last 24 hours, per CoinMarketCap data. Shiba Inu is currently trading at $0.00001694 with a trading volume of $591.4 million, up by a 161.41% surge. All key metrics of the memecoin are currently looking good, and this outlook coincides with the announcement of an upcoming project.
Shiba Inu marketing lead LUCIE took to X to say, ‘Something big is coming,’ and the cryptic post gained the attention of the SHIB community members. Although she did not give any specific details about the project, the suspicions were the launch of Shib Marketplace, Shibahub, or Treat.
SHIB Developers Engaged With SHI Stablecoin
LUCIE recently talked about the SHI stablecoin initially unveiled by Ryoshi three years ago. LUCIE described the stablecoin as a game-changer for Shibarium, the Shiba Inu Layer-2 scaling blockchain. Based on her update, SHI holds the potential to bring stability and utility to the L2.
Shiba Inu lead developers Shytoshi Kusama and Kaal Dhairya are in charge of developing SHI, and they have assured the community that it is under rigorous testing.
Many existing stablecoins are pegged to $1, but LUCIE noted that “The original idea for SHI is to peg it at $0.01.” The specific mechanism for the $0.01 peg is unknown, but the community is engaged in discussions to decide on a potential collateral option.
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