After weeks of seemingly unending downtrends, the overall crypto markets were given relief as cryptos rallied to reclaim lost highs. Although the rally cut across the entire crypto market, meme coin, Shiba Inu, remained the center of attraction.
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 has gained 7% in the same period.
The 24 hours price chart of Shiba Inu (SHIB). Source: Tradingview
The rally has led its 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 started just after its own fast-food chain was officially opened and before its ‘burn’ plan for Shiba Inu on the special occasion of Valentine’s Day.
On January 14, Bigger Entertainment released a limited-edition ‘Shib lovers merch’ campaign with SHIB-themed outfits. The campaign climaxes on February 14. As part of the campaign, 80% of all sales from ‘SHIB lovers merch’ will be ‘burnt.’
Steven Cooper of Bigger Entertainment, which has been massively burning SHIB tokens, has announced that they are 1,200 tickets away from becoming the largest burn party they have hosted yet.
In December, Bigger Entertainments burnt 176 million SHIB by selling $5 tickets to a SHIB Burn Christmas Party. The company has burnt over 1.1 billion SHIB, while the Shiba Army has burned 2 billion SHIB through the company’s Spotify playlist.
On the Flipside
- Along with the rally in Shiba, the trade volumes of the meme coin have risen by more than 250% in the last 24 hours. SHIB tokens worth more than $2.7 billion have exchanged hands during the period.
Why You Should Care
The Shiba Community continues to reduce the number of SHIB in circulation through burning, as it looks to drive the price of SHIB up to $0.01.
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