Shiba Inu, a popular meme coin, has surged over 25% to a multi-month peak. The possible reasons behind this rally include:
1. The overall market momentum, with many altcoins experiencing a significant increase. 2. The resurgence of meme coins, with Dogecoin jumping by 20% and surpassing Ripple (XRP) as the 7th-largest digital asset.
3. Increased token burns, as Shiba Inu’s protocol destroys SHIB tokens to reduce supply and enhance value. 4. Ecosystem developments, such as Shibarium, have enhanced SHIB’s utility and popularity in the market. Despite these factors, meme coins remain highly volatile, and investors should exercise caution and do their own research before investing.
