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Shiba Inu Mania: Price Surges 60% As Burn Rate Heats Up Over 22,000%

Shiba Inu (SHIB), the self-proclaimed “Dogecoin Killer,” has the crypto world buzzing once again. This meme coin, forever linked to the adorable Shiba Inu dog breed, has witnessed a meteoric rise in both price and burn rate, igniting a passionate fire within its devoted “Shiba Army” community.

But beneath the current frenzy lies a crucial question: can Shiba Inu transform itself from a playful pup into a respected player in the ever-evolving cryptocurrency game?

Shiba Inu Burns Bright: Can It Melt The Ice Of Skepticism?

The recent surge stems from a staggering 22,432% increase in the burn rate over a 24-hour period, according to Shibburn, a platform dedicated to tracking SHIB transactions. This translates to a colossal 14 billion SHIB tokens being sent to a “dead wallet,” effectively removing them from circulation.

Proponents hail this decrease in supply as a catalyst for long-term price appreciation, echoing the basic economic principle of scarcity driving demand.

However, seasoned crypto veterans remain cautious. The dramatic rise is based on data from a limited timeframe (one week, one day), and the cryptocurrency market is infamous for its hair-trigger volatility.

This rapid price increase could very well be a bubble on the verge of bursting, leading to a sharp correction. Additionally, the “meme coin” label itself carries a certain stigma. Meme coins, often lighthearted parodies, tend to be more speculative and prone to wild price swings compared to established cryptocurrencies with underlying utility.

Shiba Army Marches On

Despite the skepticism, the Shiba Inu community, affectionately known as the “Shiba Army,” pulsates with unwavering enthusiasm. They’ve been instrumental in the burning initiative, actively contributing to the surge.

Furthermore, recent hints from Kusama, the lead developer of Leash (another token within the Shiba Inu ecosystem), regarding a potential token burn have further stoked the flames of community spirit. This dedicated fanbase is a powerful force, capable of influencing market sentiment and potentially propelling the price upwards.

A Look Beyond The Hype

The future of Shiba Inu remains shrouded in uncertainty. The short-term outlook appears bullish, with some analysts predicting a surge towards $0.0001. However, long-term sustainability hinges on several crucial factors.

The success of Shibarium, the upcoming layer-2 blockchain specifically designed for SHIB, will be a major determining factor. Furthermore, developing real-world use cases that extend beyond mere speculation is essential for Shiba Inu to shed its meme coin label and establish itself as a serious contender in the ever-evolving cryptocurrency landscape.

Featured image from Nguyen Duc Khoi/Unsplash, chart from TradingView

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Shiba Inu Burn Rate Spikes By Nearly 200% As Price Recovers

Shiba Inu (SHIB), also known as “Doge Killer” within the cryptocurrency space, has experienced a notable increase in its burn rate, with millions of coins taken out of circulation.

Shiba Inu Burn Rate Is On Fire

According to Shibburn, the platform that tracks Shiba Inu’s burn, the burn rate has increased significantly in the past day. Data from the tracking platform shows that the burn has risen by almost 200% in the past 24 hours.

Shibburn revealed that over 7 million SHIB tokens have been burnt in the last 24 hours. As of the time of writing, the number of SHIB destroyed is sitting at 7,648,382, resulting in the burn rate soaring by 191.69%.

Shiba Inu

The increase in burn rate today was triggered by two burn transactions. In less than 1 hour, a total of 7,621,237 Shiba Inu tokens were incinerated by the two transactions, according to Shibburn.

In the first transaction, the unknown wallet address 0xa9d1e08c7793af6…7fb81d3e43 burned approximately 3.60 million SHIB over 8 hours ago. An hour later, a separate wallet address delivered about 4.01 million SHIB to the burn wallet.

Shiba Inu burn initiative aims at reducing the quantity of SHIB tokens in circulation, hence decreasing the token’s total supply. As a result, the crypto asset becomes more scarce and potentially increases the value of Shiba Inu.

Currently, data from Shibburn shows that Shiba Inu has burned about 410.70 trillion SHIB out of the total supply. The digital asset now boasts a circulating supply of 581.35 trillion SHIB from its initial supply of 999.98 trillion SHIB. 

Billions Of SHIB Withdrawn From Coinbase

A recent report has revealed a massive shift in SHIB tokens, leaving the community to ponder on the reason behind the transfer. According to Etherscan, an unidentified wallet address 0xe44755….240090257 moved a whopping 225 billion SHIB from the decentralized exchange Coinbase.

Etherscan shows that the withdrawal was carried out over the course of two days in two transactions. 132.22 billion SHIB tokens were transferred from Coinbase in the first transaction, and another 92.83 billion SHIB were sent from the platform on the next day.

So far, the unidentified wallet address now solely holds about 225,057,952,422 SHIB valued at $2.10 million. This event has piqued the interest of traders and investors in the crypto market, which further coincided with the recent rise in the price of SHIB.

SHIB’s price is up by over 3% in the past 7 days, presently situated at $0.00000936. Meanwhile, its market cap is up by 2%, and its trading volume is down by over 16% in the past day.

Shiba Inu

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BONK Tumbles 66% – Can The ‘Dogecoin Killer’ Live Up To Its Name?

The previous 24 hours have been impressive for the cryptocurrency market, which is seeing a broad-based rebound on numerous fronts.

Despite this development, as evidenced by a combined crypto market valuation increase of 3.4% to $880 billion as of Thursday, Solana’s newly minted canine-centered memecoin BONK has experienced a huge price decline relative to its competitors.

As of writing, BONK is trading at $0.000000968754, and down a whopping 66% in the last seven days, data by Coingecko show. In the last 24 hours alone, BONK has lost 1.6% of its value.

BONK Succumbs To Bearish Pressure

Despite its initial success, the memecoin BONK has had a difficult go of it in the weeks following its launch. The token, which appeared out of nowhere and quickly rose to rank among the top 200 cryptocurrencies in terms of market value, was hit hard by a significant bearish trend around Thursday afternoon.

It has significantly outpaced the market since the beginning of the year, on the heels of a retail buy-up that pitted the dog-themed cryptocurrency against existing meme coin heavyweights Dogecoin (DOGE) and Shiba Inu (SHIB).

There have been claims of wealthy investors purchasing millions, if not billions, of the viral coin BONK during the past few of weeks. Consequently, Thursday’s drop is a shock to investors with high aspirations for the cryptocurrency.

This week, BONK became the latest meme token to attract the attention of traders with a huge 3,300% increase. Following that, the developers of the cryptocurrency burnt their remaining tokens, which represented 5% of the whole BONK cryptocurrency supply.

BONK

Dogecoin Rival Leans On Solana Community’s Support

BONK was introduced on December 25, 2022, and its price has since increased by a four-digit proportion. Additionally, the token dominated social trading platforms. Analysts attributed the new token’s success to the Solana community.

The token’s value has been struggling to bounce back from its 66% loss in the face of continued negative growth rate, which caused it to give up some of the gains it made over the previous weeks.

When we zoom in on BONK’s growth during the past two weeks, we see that it has increased by almost 1,000% throughout this period.

All of these occurrences have created a frenzy about the Solana-based token. They also increase the optimism of token holders that the crypto will gain credibility and cease to be a fad.

Nevertheless, as a result of the recent negative outburst, the fully diluted market capitalization has decreased by 32.61% to $102 million, while the 24-hour trading volume of the altcoin has grown by a staggering 200% to $36 million.

This is direct evidence that a substantial number of SOL whales are selling their BONK assets in order to generate large profits.

-Featured image by Decrypt