Shiba Inu (SHIB) has recorded a mild price rebound within 24 hours. Many factors are lining up in favor of SHIB, helping the coin pare off its losses in recent times.
In the latest update, marketing lead, Lucie, shared some exciting news with the community. In a post on X, Lucie shared the ultimate goal of developers in the ecosystem. The “adoption” vision for the memecoin has ignited positive sentiment among the SHIB ecosystem.
Here are three unique reasons why Shiba Inu is soaring today.
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1. Shiba Inu Plan For Global Adoption
As per Lucie, Shiba Inu’s central focus is to become a globally recognizable brand. The development team desires to see SHIB become known like Coca-Cola and Apple. The marketing lead says just as both brands are household names, SHIB is positioning itself to follow in their footsteps.
Lucie said the objective of global recognition and adoption comes with SHIB becoming a trusted brand in the crypto space. Due to its widespread adoption, she envisions a future where people and businesses use and invest in SHIB.
The Shiba Inu ecosystem is investing hugely in product diversification to achieve this ambitious goal. Just like Coca-Cola has different varieties of beverages—Fanta and Sprite—and Apple has the iPhone and iPad, SHIB is modeled after these brands.
According to Lucie, it is not just about the SHIB token. The ecosystem has a variety of products, including BONE, LEASH, and NFTs like Shiboshis. The marketing lead likens these assets to the two global brands’ product lines.
Lucie’s message emphasized that SHIB plans to become as widely recognized as Coca-Cola and Apple. This will mean its utility in the crypto space will soar. SHIB holders have received the update excitedly, and this positive sentiment has rubbed off on Shiba Inu’s price performance.
2. Boost in SHIB Burn Rate
Meanwhile, in the last 24 hours, community members have lent their support to stabilize prices.
Users in the ecosystem triggered Shiba Inu’s deflationary control mechanism by fueling the burn rate. According to Shibburn, this metric has jumped by over 345.97% as a dead wallet received 8,424,639 SHIB tokens.
The Shiba Inu ecosystem has always controlled the token supply by transferring some coins to inactive wallets. This helps to keep the circulating supply low, price stable, and possibly in a rebound mode.
At the time of writing, Shiba Inu’s total supply is 589,268,792,658,296. The meme coin’s circulating supply stood at 583,544,595,992,611. The total number of staked tokens is 5,725,198,084,677 SHIB. Overall, the community has burnt a total of 410,731,207,341,703 SHIB.
With more tokens going out of circulation, investors’ interest has grown to back the asset.
Since its inception as a memecoin, positive ecosystem trends have driven Shiba Inu. Its supportive users, known as ShibArmy, have helped build the community to its current market capitalization of $11.29 billion.
In the last 24 hours, Shiba Inu’s price has rallied to $0.00001921, atop a 2.64% surge. This shift in price is attributed to the collective effort of the development team and the ShibArmy.
