With the support of the rally in the broader cryptocurrency market, there\u2019s a strong undercurrent in the memecoin sector. In the last 24 hours, Shiba Inu has been leading the memecoin rally with a staggering 52% accompanied by Dogecoin\u2019s 18% gains. The Shiba Inu price is currently trading at $0.00002.<\/p>\n
Shiba Inu (SHIB) Price Rally<\/h3>\n
As of press time, the Shiba Inu (SHIB) price is up 52.85% trading at $0.00001976 with a market cap of $11.65 billion. Also, the daily trading volume for SHIB has also shot up by a staggering 93% moving closer to $4 billion.<\/p>\n
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The recent surge in the SHIB price<\/a> comes amid massive whale activity. Lookonchain\u2019s data reveals a significant event: a whale recently sold a considerable amount of PEPE tokens<\/a>, totaling 1.97 trillion and reaching a staggering $6.07 million. Following this sale, the whale pocketed a profit of $3.49 million. Subsequently, the whale shifted focus to Shiba Inu, purchasing 75.9 billion SHIB tokens valued at $893,000.<\/p>\n A smart whale changed his position from $PEPE<\/a> to $SHIB<\/a>, $MANA<\/a>, $SAND<\/a>, and $GALA<\/a>.<\/p>\n The whale sold all 1.97T $PEPE<\/a>($6.07M) and made a profit of $3.49M.<\/p>\n <\/p>\n Then bought 75.9B $SHIB<\/a>($893K), 1.6M $MANA<\/a>($1.07M), 2.43M $SAND<\/a>($1.48M) and 36.88M $GALA<\/a>($1.46M).https:\/\/t.co\/TsQgABvjIt<\/a> pic.twitter.com\/PbWGVtOVOZ<\/a><\/p>\n \u2014 Lookonchain (@lookonchain) March 1, 2024<\/a><\/p>\n<\/blockquote>\n Another major contributing factor to the Shiba Inu (SHIB) price rally is the staggering 30000% surge in burn rate recorded on March 1st. In the past 24 hours, the destruction of 3.75 million SHIB tokens has contributed to a continuous reduction in the meme coin\u2019s supply, prompting increased optimism within the global crypto community. The total tokens burnt from Shiba Inu\u2019s initial supply have now reached around 410.70 trillion SHIB, leaving a circulating supply of 581.65 billion coins.<\/p>\n <\/p>\n Lucie, a marking specialist within the Shiba Inu ecosystem, anticipates an 800% surge in the Shiba Inu price. Drawing parallels with the 2021 bull run, Lucie points out a remarkable 800% increase within a single week, even in the absence of any documented burns.<\/p>\n $SHIB<\/a> surged 800% in a week without any burns in 2021.<\/p>\n Eager to see the outcome in 2024.<\/p>\n Slow burns and steady demand are essential.$SHIB<\/a> is poised for growth and waits for no one.<\/p>\n \u2014 \ud835\udc0b\ud835\udc14\ud835\udc02\ud835\udc08\ud835\udc04 | SHIB.IO \ud83e\udddc\ud83c\udffc\u200d\u2640\ufe0f (@LucieSHIB) February 28, 2024<\/a><\/p>\n<\/blockquote>\n According to on-chain data provider Santiment, Shiba Inu is the newest memecoin experiencing a surge in value following the trends set by Dogecoin, Bonk, Floki, and Pepe. These fluctuations in social dominance are vital for predicting peak moments as the week comes to an end.<\/p>\n \ud83d\udc36\ud83d\ude3a #ShibaInu<\/a> is the latest #memecoin<\/a> surging in value after #Dogecoin<\/a>, #Bonk<\/a>, #Floki<\/a>, and #Pepe<\/a> have all taken their turns in the sun as the work week draws to a close. Track social dominance spikes with each here, as they are crucial in timing the tops. https:\/\/t.co\/HMUBWWRo8v<\/a> pic.twitter.com\/bSb3HvIGrB<\/a><\/p>\n \u2014 Santiment (@santimentfeed) March 2, 2024<\/a><\/p>\n<\/blockquote>\n <\/p>\n The Dogecoin (DOGE) price rally<\/a> continues with another 18% gains at press time shooting past $0.15. Over the last week, the DOGE price has surged by a staggering 66%.<\/p>\n\n
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Memecoin Fest Begins<\/h3>\n
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