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Top Crypto News Today: Popular Meme Coin Shiba Inu Soars by 9% As Token Burn Amplifies

Top Crypto News Today: Popular Meme Coin Shiba Inu Soars by 9% As Token Burn Amplifies

Key Takeaways 

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) 

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. 

Shibaswap the official decentralized exchange launched by the SHIB team also saw its user base grow, according to Dune Analytics

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. 

Source: Decrypt 

Additional Read: Dogecoin Price Prediction

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