Shiba Inu emerged as one of the biggest crypto gainers in the last 24 hours and is now leading the market.
According to Santiment, volume, circulation, whale transactions, and most other metrics have been up as well.
The memecoin now has a 33,000% increase in its burn rates.
Shiba Inu might be on the verge of a major price surge if it successfully clears the $0.00002 price level.
Shiba Inu Dogecoin’s sister cryptocurrency has just set off a massive whirlwind.
The cryptocurrency has jumped by a dramatic 23% over the last 24 hours before writing and has triggered a wave of speculation.
This sudden price jump has brought the cryptocurrency to the $0.0000191 mark.
SHIB’s trading volumes have also skyrocketed by 240% to more than $1.36 billion within the same timeframe.
The interesting part about this?
The so-called "Dogecoin Killer" is behaving just as it did in the 2021 bull run, where it exploded in value.
But what's driving this latest rally? More importantly, where is Shiba Inu headed next?
SHIB saw its latest surge come on the edge of massive whale activity and on-chain movement.
Crypto analytics platform, Santiment even noted that the cryptocurrency has seen about a 43% jump in the last nine days.
Santiment also highlighted that some of the key drivers of this rally include a sharp rise in volume, stronger circulation, and a surge in whale transactions.
This whale transaction spike is also at its highest level in the last 10 weeks.
Santiment also pinpointed the importance of Shiba Inu’s social dominance.
In fact, the cryptocurrency's investors are now in a massive state of FOMO.
At the time of writing, SHIB currently sits at $0.00001901. It has a market cap of around $11 billion and is strongly ranked the 13th-largest cryptocurrency in the market.
However for SHIB to continue its upward trajectory, it needs to challenge the February high of $0.000043.
The only hurdle to cross before getting to this price level is the $0.000020 level with strong trading volumes.
This is not all for Shiba Inu.
According to derivatives data, the optimism is legitimate, considering how open interest for SHIB futures has surged so far.
This jump has put the metric at above $60 million according to data from Coinglass, with liquidations of over $2.23 million in the last 24 hours ($1.29 million of which were shorts).
SHIB’s Futures Open Interest (USD)
The question now is: Can Shiba Inu replicate its bull run from 2021?
Recall that during this rally three years ago, the memecoin jumped by an insane 45,000% between January and May.
While there are calls from all over the market for SHIB to hit the $1 mark, a jump of this magnitude would require extraordinary volume and demand.
With this being said, the Shiba Inu development team continues to make strides with new releases, token burns and more.
This increase in Shiba Inu’s price also makes it one of the best gainers among the top 100 cryptocurrencies according to data from CoinMarketCap.
The top crypto gainers
Over the last 24 hours, the cryptocurrency gained more than 20% in price, before declining now to an average daily gain of around 14%.
This means that it ranks among other heavyweights like Conflux ($CFX), Pepe ($PEPE), Brett (BRETT), FLOKI (FLOKI), Pepe (PEPE) and Dogecoin (DOGE).
All of them with double-digit gains.
Shiba Inu is only getting started.
One of the biggest metrics to spike so far is also the cryptocurrency's burn rates.
Skyrocketing burn rates
According to data from ShibBurn, this metric has catapulted itself to a staggering 33,000% in the last 24 hours.
This means that over 1.88 trillion tokens were permanently destroyed in a day.
This has drastically reduced its circulating supply and is even believed to have played a massive role in the ongoing price jump.
ShibBurn data also shows that the total supply of the cryptocurrency now stands at around 589.26 trillion.
Another interesting thing about this event is now the largest single burn came from a single address, which moved a whopping 1.87 billion SHIB to a burn address.
Adding fuel to the ongoing fire, Shiba Inu’s lead developer, Shytoshi Kusama posted an interesting tweet this week.
This post featured an anime GIF of a character smirking at their phone.
This happened right after SHIB began to skyrocket and has now been interpreted as a bullish signal for its price.
Shiba Inu’s rally is ongoing, and Kusama’s tweet likely suggests that the rally may not be over yet.
The major question in this case is whether it can maintain its momentum and continue its price rally.
A breakout above the psychological $0.000020 price level might just be what Shiba Inu needs to register another 100% gain over the next few weeks.
However, for a repeat of the 2021 price action, the memecoin will need a lot more trading volume, more market support, and a lot more hype than it currently has.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.