Shiba Inu (SHIB) Jumps 22% to Lead Meme Coin Rally Ahead of Valentine’s Day Event

After weeks of seemingly unending downtrends, the overall crypto markets were given relief as cryptos rallied to reclaim lost highs.

After weeks of seemingly unending downtrends, the crypto markets were largely given relief as cryptos rallied to reclaim their lost highs. Though the rally carried across to the entire crypto market, meme coin Shiba Inu remained the center of attention.

Shiba Inu Leads the Meme Coin Rally

Over the last 24 hours, Shiba Inu (SHIB) has gained more than 22% to hit $0.00002768, outperforming its greatest rival, Dogecoin, which gained 7% across the same period.

The 24 hours price chart for Shiba Inu (SHIB). Source: Tradingview

The rally led the talisman meme coin’s market cap to hit the $15.5 billion mark, putting it back above Polygon (MATIC) as the 14th largest cryptocurrency in terms of market cap.

Shiba Inu (SHIB) Rally Comes Before a Valentine’s Day Event

Shiba’s rally couldn’t have come at a better time, starting momentarily after officially announcing the opening of its own fast-food chain, and right before its upcoming SHIB ‘burn’ event for the special occasion of Valentine’s Day.

On January 14th, Bigger Entertainment unveiled a limited-edition Shib lovers merch’ campaign with SHIB themed outfits. The campaign is scheduled to end on February 14th. As part of the campaign, 80% of all sales generated from ‘SHIB lovers merch’ will be “burned.”

Steven Cooper of Bigger Entertainment, which has been diligently burning SHIB tokens, announced that they were 1,200 tickets away from making this the largest burn party hosted to date.

Sponsored

In December, Bigger Entertainment burned 176  million SHIB by selling $5 tickets to a SHIB Burn Christmas Party. The company itself has thus far burned over 1.1 billion SHIB, while the Shiba Army has managed to burn 2 billion SHIB through the company’s Spotify playlist.

On the Flipside

  • Hand in hand the Shiba Inu rally, the trade volume of the meme coin has also risen by more than 250% over the last 24 hours. SHIB tokens worth more than $2.7 billion exchanged hands during this period.

Why You Should Care

The Shiba Community continues to reduce the number of SHIB in circulation, through burning, as it eagerly pushes to thrust the price of SHIB up to $0.01.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia