Blog

The cryptocurrency market opened weak on Wednesday morning, with Bitcoin and smaller cash seeing a downward spiral. At press time, Bitcoin was down 1.4% whereas Ethereum was off 2.36%.

The pessimism was additionally mirrored in meme coin Shiba Inu’s worth, which slid practically 2.5% during the last 24 hours. The worth dip got here as a shock to traders because the token noticed a spike in its burn price earlier this week. The surge in burn price comes amid rising curiosity within the Shibarium, a layer-2 blockchain, launched final by Shiba Inu final yr.

Interest in Shibarium Grows, however all’s not properly with SHIB

More than 12.46 million SHIB tokens have been burned during the last 24 hours, with the meme coin seeing a 321% soar in its burn price throughout the interval. While the tokens have been incarcerated throughout a number of transactions, one transaction stood out specifically, which carried over 12.43 million SHIB tokens to burn addresses.

The complete variety of SHIB tokens burned thus far exceeds 410.69 trillion. In the final seven days alone, greater than Last November, CoinGape reported that SHIB skilled an exponential 500,000% rise in its burn price, with 264.20 million tokens despatched to burn addresses within the span of simply 24 hours.

Massive SHIB Token Burn Fails To Spur Price Rally

Coin burning is usually carried out to lower the token’s provide and improve its worth as traders favor uncommon crypto belongings over these with a vast provide. However, the latest SHIB burn try failed to spice up the value of Shiba Inu.

As of writing, SHIB price stood at $0.00001063, down 2.6% during the last 24 hours. SHIB presently instructions a market capitalization of $6.26 billion, making it the seventeenth largest cryptocurrency. Meanwhile, buying and selling volumes have been up 22.% during the last 24 hours.

While SHIB was dubbed the “Dogecoin killer” on account of its hovering worth in 2021, the dog-themed cryptocurrency remains to be buying and selling under its lifetime excessive of $0.00008845 recorded in October 2021.

Total addresses holding SHIB tokens have elevated by 0.015% to 1.36 million during the last 24 hours. Meanwhile, greater than $98,000 in SHIB trades have been liquidated throughout that timeframe.

✓ Share:

CoinGape contains an skilled staff of native content material writers and editors working around the clock to cowl information globally and current information as a reality slightly than an opinion. CoinGape writers and reporters contributed to this text.

The introduced content material could embrace the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability to your private monetary loss.