The value of Shiba Inu Meme Coin (SHIB) increased by 23% in the last 24 hours to reach $0.00001895. This growth made Shiba Inu the 14th largest cryptocurrency with a market cap of over $11 billion. Possible factors for this price increase are:
1. The token burn rate increased by 33,800%, with approximately 2 billion tokens burned in 24 hours.
2. Progress on the Shibarium Layer 2 network with over 7 million blocks and nearly 420 million transactions
Some analysts have optimistic predictions about the future price of Shiba Inu, but these predictions come with caution. The meme coin market has seen an overall growth of 14%.
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