- Shiba Inu records a weekly high amidst crypto market recovery
- Nearly 110 million SHIB tokens have been burnt in the last 24 hours
- SHIB Price is trading at $0.00001364 at the time of writing
A brief introduction of Shiba Inu
Shiba Inu was developed by a pseudonymous name ‘Ryoshi’. Vitalik Buterin, Co-founder of Ethereum blockchain played a catalyst in burning the SHIB tokens in the best interest of the community.
Shiba Inu also has a metaverse of its own called ‘SHIB: The Metaverse’.
An overview of Shiba Inu’s token burning initiative
On April 23, 2022 a token burning initiative was initiated to diminish the circulating supply of SHIB tokens. The ShibBurn portal allows SHIB token holders to burn their tokens. The portal rewards SHIB holders with a new token on burning their original holdings. Token burning is a process of removing the excess tokens from the existing circulating supply and sending them to a zero wallet also called a dead wallet.
The original total supply of the meme token is 1 quadrillion (Source: Coinbase)
— Shibaverse Metaverse ETH (@shibaverse_io) August 25, 2022
Shiba Inu rose by 9%
110 Million Shiba Inu tokens were burnt yesterday accounting to 40% of total SHIB supply has been burnt at the time of writing according to Shibburn. After the last burning cycle the token’s value is now trading at $0.00001353.
SHIB’s upward trend is majorly driven by the massive token burning operations and the upcoming launch of Shibarium – a layer 2 blockchain designed by Shiba Inu’s team.
Trading volumes were also up 61% over the past 24 hours. On a weekly note, SHIB is down by a miniscule 1.68% after today’s bullish price movement. According to data by Coinglass, over 1.2 million SHIB trades took place primarily in short positions in the past 24 hours. The project also recorded a 0.023% increase in wallets holding SHIB according to Etherscan.
Additional Read: Shiba Inu Price Prediction
DOGE vs SHIB – the tussle between Top Meme Coins (by market cap)
The leading meme coin DOGE – Musk’s favorite is also up by 2.4% in the last 24 hours. It was trading at $ 0.07127. The popular meme coin has a market cap of $8,962,580,038 and has recorded a trading volume of 42.33% in the last 24 hours.
Over 1.1 million Dogecoin have been liquidated at short positions.
The current state of crypto seems to be in a recovery phase after last week’s crypto carnage. Bitcoin Price is clocking over $21,000 which still appears in the red compared to its all time high. Whereas, Ethereum Price is trading above $1,600 over the last 24 hours.
With the FOMC meeting and its results impacting the purchase power of investors, crypto has taken a huge hit again. With crypto projects striving to build better solutions to offer high store of value and exchange, the crypto markets will recover gradually.
Additional Read: Dogecoin Price Prediction