$SHIB

The SHIB token has experienced an eye-catching price surge in the past 24 hours, with an increase of up to 23%. Behind this rapid momentum, two key factors cannot be ignored: First, the astonishing increase in the token burning rate, which surged by 33,800% , the other is the positive effect brought by the positive progress of Shibarium’s layer 2 solution.

Although market analysts are optimistic about SHIB's leap, they also cautiously point out that it will face extremely difficult challenges to increase SHIB's valuation to the ambitious goal of erasing two zero points and reaching a market value of US$800 billion. Climbing Mount Everest, the highest peak in the world.

SHIB is undoubtedly the star of the recent cryptocurrency market. It stands out from the top 100 cryptocurrencies in 24 hours and leads the way with a 23% increase. The price has now recovered to around $0.00001895, a performance that has allowed it to regain its mid-July glory.

In terms of market capitalization, SHIB has also achieved significant growth, successfully crossing the US$11 billion milestone and ranking 14th on the cryptocurrency market capitalization list, becoming the most popular meme coin after Dogecoin. Dogecoin's market value is approaching US$18 billion, continuing to consolidate its leading position in the meme currency field.

SHIB's strong recovery is largely due to its built-in token destruction mechanism. This mechanism significantly reduces the number of tokens in circulation, with a daily destruction rate as high as 33,800%, and nearly 2 billion tokens have been destroyed. The move is intended to stabilize or stimulate demand by reducing supply in the market, thereby having a positive impact on prices. As of now, more than 410 trillion SHIB tokens have been destroyed, and the current circulation is approximately 583.5 trillion.