Shiba Inu (SHIB/USD) continued its upward trajectory with a 13% gain in Friday’s trading session, fueled by hints from the community about potential token burns and increasing meme coin adoption.
Lucie, the marketing strategist of the Shiba Inu community, recently highlighted that 40 Ethereum had been collected for burning, hinting at “SHIB burns incoming.” This news came after a pause in SHIB burns since January, with five burns conducted so far, incinerating a total of 43 billion SHIB tokens. The latest burn occurred on Jan. 9, when 9.35 billion tokens were destroyed.
According to IntoTheBlock data, Shiba Inu is attracting 8,400 new addresses daily, with single-day peaks of 21,000 new addresses. This marks a 20x increase over its February daily average, indicating growing interest and adoption of the token.
Shiba Inu’s BONE token, despite being a recent addition, received significant support from the community. It was voted fourth in a poll for listing on Binance Futures in USDⓈ-M, ranking behind two crypto AI tokens and the meme coin Baby Doge coin. BONE serves as a transaction fee within the Shiba Inu ecosystem and enables validators to stake and participate in the network.
Shiba Inu’s lead, known as Shytoshi Kusama, retweeted a post by crypto investor Jake Gagain predicting that “$SHIB will reach 100 Billion This Cycle.” This led to speculation and excitement within the community.
Investors and the crypto community are eagerly awaiting the details of the burn mechanism and its potential impact on Shiba Inu’s price. With bullish sentiment and growing adoption, many speculate about when the “Dogecoin Killer” will surpass the original.
In a recent TikTok video, Davinci Jeremie mentioned selling his Cardano for Shiba Inu, adding to the buzz around SHIB.
Overall, Shiba Inu’s recent price surge, community support, and potential upcoming token burns have generated excitement and optimism among investors and the crypto community. As the project continues to evolve and gain traction, all eyes will be on Shiba Inu to see how it competes with other meme coins and establishes itself as a prominent player in the crypto space.
