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

by Mike Robinson

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

The crypto market was finally relieved after weeks of apparent unending downtrends. Cryptos rallied to recover their lost highs. The rally was felt by the entire cryptocurrency market but meme coin remains the focal point of attention.

Shiba inu leads the Meme Coin Rally

Shiba Inu’s (SHIB), has increased more than 22% in the past 24 hours to reach $0.00002768. This is higher than its closest rival, who gained only 7% over the same time period.

This is the 24 hour price chart of Shiba Inu. 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 ends on February 14. As part of the campaign, 80% of all sales generated from ‘SHIB lovers merch’ will be “burned.”

Steven Cooper from Bigger Entertainment announced that 1,200 tickets were needed to make this the largest ever burn party. Bigger Entertainment had been meticulously burning SHIB tokens.

Bigger Entertainment sold $5 tickets for a SHIB Burn Christmas Party and burned 176,000,000 SHIB in December. 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 (NYSE:) playlist.

The Flipside

  • Trade volume of the meme coin increased by over 250% in 24 hours, largely due to the Shiba Inu rally. During this time, SHIB tokens valued at more than $2.7 million were exchanged.

Why you should care

While the Shiba Community is reducing the amount of SHIB that are in circulation by burning them, the community eagerly pushes to increase the SHIB’s price up to $0.01.

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