- Shiba Inu has surged over 5% in the last 24 hours, driven by an increasing burn rate and renewed investor interest.
- Shiba Inu whales are diversifying into new meme coins like Dawgz AI, signaling a potential shift in the meme coin market.
Shiba Inu Gains Momentum Despite Market Volatility
Shiba Inu (SHIB), the second-largest meme coin by market capitalization, is making headlines again as it rebounds from recent market struggles. With a market cap of around $7.5 billion, SHIB has long been a favorite among meme coin investors. Despite broader crypto market declines, SHIB has gained over 5% in the last 24 hours, currently trading at approximately $0.000013.
However, while SHIB enjoys renewed interest, some of its largest holders—often referred to as “whales”—are diversifying into new meme coin projects like Dawgz AI, which is gaining traction in its presale. Let’s take a closer look at what’s driving SHIB’s latest surge and whether it has the potential to hit new highs.
The Evolution of Shiba Inu: From Meme to Utility
SHIB was introduced in 2020, capitalizing on the viral meme coin movement sparked by Dogecoin. Unlike DOGE, Shiba Inu leveraged Ethereum’s blockchain to gain visibility and utility. By 2021, SHIB skyrocketed in value, hitting an all-time high of $0.00008845 in October of that year.
Since then, SHIB’s price has fluctuated, reflecting broader crypto trends. However, the project has expanded beyond its meme coin origins, introducing ecosystem tokens like BONE and LEASH and launching ShibaSwap, a decentralized exchange. These developments have helped sustain interest in SHIB even during bearish market conditions.
Can Shiba Inu Reach $1?
SHIB’s recent price action follows the broader crypto market, and despite a 50% drop from April 2024 levels, the token has shown resilience. The possibility of a Shiba Inu exchange-traded fund (ETF) has fueled speculation about its long-term value, with some investors believing it could replicate past gains.
A key factor driving SHIB’s latest surge is its increasing burn rate. An anonymous wallet recently burned nearly 1 billion SHIB tokens, contributing to an 8,470% surge in the burn rate. Whale activity also suggests accumulation, signaling a potential price rally.
However, for SHIB to reach the elusive $1 mark, a drastic reduction in circulating supply would be required. This would necessitate continued large-scale burns and renewed investor enthusiasm, either through community-driven hype or institutional adoption.
Dawgz AI: The Rising Contender in the Meme Coin Market
While SHIB remains a strong player, newer projects like Dawgz AI are drawing investor attention. Dawgz AI, an AI-powered meme coin, is currently in presale and has already raised over $3.1 million. Early investors have seen nearly 100% gains before its official exchange listing.
Dawgz AI stands out by offering automated trading tools, staking rewards, and real-world utility—features that many traditional meme coins lack. With growing community support and technological innovation, some investors believe Dawgz AI could be the next major breakout token in the meme coin sector.
Is Now the Time to Buy?
SHIB continues to show resilience, and its growing burn rate and whale activity could drive further gains. However, investors looking for high-growth opportunities might find Dawgz AI’s presale an attractive option. With its advanced features and strong presale performance, it presents a promising alternative for those seeking the next big meme coin investment.
For those considering an entry into the meme coin market, keeping an eye on both Shiba Inu and Dawgz AI could be key to maximizing gains in the coming months.
