Shiba Inu Outperforms Crypto Giants as It Celebrates 4th Birthday

Shiba Inu (SHIB) is celebrating its fourth anniversary with a resounding victory over its more established rivals. The dog-themed altcoin has not only survived but thrived, outperforming industry giants Bitcoin and Ethereum in terms of price appreciation since the start of 2024.

After its launch in August 2020, the dog-themed altcoin has catapulted itself to new heights, leading the pack of other promising crypto projects. While the broader cryptocurrency market faced challenges in recent times, Shiba Inu has bucked the trend, recording a remarkable 53% increase in value since the start of the year.

Shiba Inu’s remarkable price surge in 2024 far eclipses the gains of industry behemoths Bitcoin and Ethereum. While Bitcoin, the world’s largest cryptocurrency, experienced a substantial 48.99% increase on top of the launch of its ETF in January, Shiba Inu managed to outshine it. Ethereum, the second-largest cryptocurrency, also saw significant growth of 36.68% and saw the launch of its own ETF in July.

Dogecoin, another meme coin, has also seen substantial gains, climbing by 29.31% since the start of the year. However, Shiba Inu’s performance dwarfed even that of its larger counterpart.

Aside from this impressive performance, Shiba Inu also saw an impressive token burning activity. The token’s burn rate has skyrocketed by an astonishing 2611.94% in the past 24 hours.

This unprecedented spike has resulted in the incineration of over 14 million SHIB tokens, a significant step towards reducing the circulating supply.

The Shiba Inu community has ignited a fervent push to reduce the token’s circulating supply, with over 14.9 million SHIB tokens sent to dead wallets within the past 24 hours. This significant increase, fueled by multiple large-scale transactions, including burns of 4,903,424 SHIB, 9,010,201 SHIB, and 1,000,000 SHIB, has captured the attention of the crypto community.

These large-scale burns have ignited speculation about potential catalysts for the increased burn rate, such as coordinated community efforts or whale-driven initiatives. July proved to be a month of consistent burn activity, with approximately 379.5 million SHIB tokens eliminated through 178 transactions.

As of 3:42 p.m. ET on Thursday, Shiba Inu (SHIB) was trading at $0.00001518, reflecting a 6.15% decline in the past 24 hours. Despite a 35.32% surge in trading volume to $255,076,234, the token has experienced a week-long downturn, with a 5.46% drop over the past seven days.

The broader market volatility has also impacted SHIB, resulting in an 11.73% decline over the past month. With a circulating supply of 589.27 billion tokens, Shiba Inu maintains a market capitalization of $8.94 billion, according to the data from CoinMarketCap.

Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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