After weeks of seemingly unending downtrends, the crypto markets were largely given relief as cryptos rallied to reclaim their lost highs. Though the rally carried across to the entire crypto market, meme coin Shiba Inu remained the center of attention.
Shiba Inu Leads the Meme Coin Rally
Over the last 24 hours, Shiba Inu (SHIB) has gained more than 22% to hit $0.00002768, outperforming its greatest rival, Dogecoin, which gained 7% across the same period.
The 24 hours price chart for Shiba Inu (SHIB). Source: Tradingview
The rally led the talisman meme coin’s market cap to hit the $15.5 billion mark, putting it back above Polygon (MATIC) as the 14th largest cryptocurrency in terms of market cap.
Shiba Inu (SHIB) Rally Comes Before a Valentine’s Day Event
Shiba’s rally couldn’t have come at a better time, starting momentarily after officially announcing the opening of its own fast-food chain, and right before its upcoming SHIB ‘burn’ event for the special occasion of Valentine’s Day.
On January 14th, Bigger Entertainment unveiled a limited-edition ‘Shib lovers merch’ campaign with SHIB themed outfits. The campaign is scheduled to end on February 14th. As part of the campaign, 80% of all sales generated from ‘SHIB lovers merch’ will be “burned.”
Steven Cooper of Bigger Entertainment, which has been diligently burning SHIB tokens, announced that they were 1,200 tickets away from making this the largest burn party hosted to date.
In December, Bigger Entertainment burned 176 million SHIB by selling $5 tickets to a SHIB Burn Christmas Party. The company itself has thus far burned over 1.1 billion SHIB, while the Shiba Army has managed to burn 2 billion SHIB through the company’s Spotify (NYSE:SPOT) playlist.
On the Flipside
- Hand in hand the Shiba Inu rally, the trade volume of the meme coin has also risen by more than 250% over the last 24 hours. SHIB tokens worth more than $2.7 billion exchanged hands during this period.
Why You Should Care
The Shiba Community continues to reduce the number of SHIB in circulation, through burning, as it eagerly pushes to thrust the price of SHIB up to $0.01.
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