The current trading price of Shiba Inu is $0.000007 USD, having experienced a 0.98% increase in the past 24 hours. With a live market cap of $4,327,470,648 USD and a circulating supply of 589,346,914,631,298 SHIB coins, Shiba Inu is ranked #17 on CoinMarketCap. Additionally, its 24-hour trading volume stands at $68,643,766 USD, with the maximum supply not available.
The burn rate of Shiba Inu has shown a significant rebound after a sluggish start to the week. This surge may indicate that investors are again becoming active and participating in reducing the supply, which could potentially cause a rise in value.
Something I watch a ton is market breadth.
And when we look at the individual S&P500 companies trading below their key 50MA, the current situation would seem dire.
The good news:
Every time this key indicator bottoms out, & it’s close now, it marks THE LOW in… pic.twitter.com/94vS6qRZHG
— JT ✝️ (@JTheretohelp1) September 22, 2023
Shiba Inu (SHIB) Burn Rate Rises 627%
In the past week, the meme coin experienced a significant increase in its burn rate on Thursday, September 21. Shibburn, a website tracking the burn rate, reported a 6277% jump in the rate, resulting in the incineration of over 194 million tokens in just one day.
One transaction alone accounted for more than 137 million tokens being sent to the burn address, contributing significantly to the spike in the burn rate. The total number of tickets burned in the past 24 hours is nearing 200 million, and the burn rate has increased by 31.62% in the last week.
As of now, the burn address holds 410,659,642,147,703 SHIB tokens.
Shibarium (SHIB) The Rising Star of the Crypto World
The increase in burn rate can be attributed to the growing popularity of the Ethereum Layer 2 blockchain Shibarium. Despite being launched less than a month ago, the blockchain has already achieved some impressive milestones, including surpassing 3 million total transactions and 1.25 million wallet addresses,
With over 42,000 daily transactions. Gas fees remain low at 1.55 Gwei, and the network has seen an influx of new verified contracts, indicating that more developers are choosing to build on the web. Shiba Inu’s lead marketer,
Shibarium, the rising star in the crypto world, has reached a major milestone with over 1 million wallets! Despite turbulent waters, SHIB and its associated tokens continue to make waves. Stay tuned for exciting developments! #Shibarium #CryptoNews #Milestone #SHIB #Tokens… pic.twitter.com/Bg9cmhAyaX
— ⚡ Mr. Crypto Giants🐋 (@CryptoGiants_) September 6, 2023
Lucie recently encouraged investors to use decentralized exchanges instead of centralized ones, as this would increase the SHIB burn rate, which is set per transaction. As a result, increased usage and transactions would burn more tokens.
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