In the last 24 hours, Shiba Inu (SHIB) surged by more than 20 per cent. As of 11 am, it is currently trading at $0.00002691, up by 18.12 per cent, as per Coinmarketcap data.
So what is fuelling this rally? Read here to find out more.
Shiba Inu (SHIB) is a highly popular meme cryptocurrency in the community, and recently conducted a 250 million SHIB token burning session too.
Here Are Some Possible Reasons Why SHIB Is Up:
1. Metaverse: A few weeks back, Shiba Inu’s pseudonymous developer, Ryoshi, announced some critical details about their metaverse plans, which is called ‘SHIB: The Metaverse.’ There will be 36,431 virtual plots in the initial stage, and they will all be divided into four categories. In addition, today, the metaverse land auction bidding will open for early access members. In order to be eligible for early access membership, one must either have $LEASH tokens or must have locked up some portion of SHIBOSHI tokens in their decentralised finance system.
But surprisingly, the Shiba Inu developers did not price their lands in SHIB currency; instead, they went ahead with Ethereum.
2. Burning: Shiba Inu developers had some time ago devised a new auto burning mechanism called ‘Shiboshi. This week, a total of 3.76 million SHIB tokens were burned in two separate transactions by the Shiboshi mechanism. Apart from this, 1Cent and ScareCrow also burned 145.68 million and 104.56 million SHIB tokens, respectively. Apart from these burning sessions, there were other separate 11 smaller SHIB token burning sessions, which collectively burned a total of 258 million tokens. So, in essence, these SHIB token burning exercise reduces their supply, and consequently increases their demand. That’s because the trading of crypto is mostly done as a result of demand and supply economic theory.
3. New Listing: US investment platform Robinhood has finally enabled Shiba Inu (SHIB) after repeated petitions by about half million fans regarding the same. Apart from SHIB listing, Robinhood also listed Polygon (MATIC), Solana (SOL) and Compound (COMP) tokens. So, this new listing increases the outreach of these various crypto tokens and currencies by making them accessible to a wider set of audiences.
4. Ethereum Upgrade: Shiba Inu crypto token is built on top of the Ethereum (ETH) blockchain. The Ethereum blockchain, which currently uses a proof of work consensus mechanism like Bitcoin (BTC), is set to upgrade to the proof of stake mechanism within the next few months. With this upgrade, the Ethereum blockchain will be able to achieve a significantly higher transaction speed and sustainability. Hence Shiba Inu will indirectly be benefitted.
