According to Shiba Archives, over 1,325,000 people worldwide now hold SHIB, the crypto token associated with the Shiba Inu project. The news comes after a surge in interest in the token, which has seen its value increase significantly in recent weeks.
The Shiba Inu project has also announced several new initiatives in recent months, including the launch of a decentralized exchange and a non-fungible token (NFT) marketplace. These initiatives have helped to increase interest in the project and have attracted even more investors to the SHIB token.
Shib burn rate drops, price rise
The burn rate of the Shiba Inu (SHIB) token has plummeted by a staggering 99.74% in the last 24 hours, according to Shibburn website. This sudden and significant decrease has left many investors wondering what could be the possible reason behind it.
Whereas, Shiba Inu price has gone up by 5.13% in the last few hours. Each SHIB token is currently trading at 0.00001129 USD. The coin has gained over 9.54% in the last 7 days. However, the market cap has come down to 6.65 billion USD and trading volume drops by 36.93%. Source: coinmarketcap
Also read: Why Chinese Crypto Coins May Skyrocket In Coming Weeks?
Recommended Articles
FUD surrounds Shibarium
The Shiba Inu project is a decentralized ecosystem that aims to offer users a platform to transact, stake, and participate in governance using the SHIB token. The burn rate of a cryptocurrency is the rate at which tokens are removed from circulation through burning. In the case of SHIB, tokens are burned through the ShibaSwap platform, which is a decentralized exchange built on the Ethereum blockchain.
Meanwhile, Shiabrium Beta had been made live on 11 March 2023. The much-awaited launch had been responsible for the recent spiking in the price of Shiba Inu, too. There has been a FUD surrounding the Shibarium blockchain that the developers of Shiba Inu have replicated Rinia, a separate project. These accusations contributed to the drop in prices of Shiba Inu a couple of days back.
Also read: 186 US Banks Face SVB Like Risk; Crypto Bull Run Ahead?
- Cardano Founder Charles Hoskinson Says Biden Wants To ‘Kill’ Crypto
- Shiba Inu Coin: Burn Rate Soars 200% Amid SHIB Price Flux, What’s Next?
- Ethereum’s Vitalik Buterin Proposes ‘Multidimensional Gas Pricing’ For Ethereum
- Bitcoin Notes $350M Bids As BTC Price Slips, What’s Next?
- Thorchain (RUNE) Price Jumps 10% Defying Broader Market Slump, Here’s Why
- Solana Price Forecast: Will The Bearish Market Dominance Plunge SOL To $120 This Week?
- Toncoin Price Prediction As TON Eyes $10 On HashKey Partnership, Time To Buy?
- XRP Price Prediction: Will Market Uncertainty on Ripple Vs SEC Case Push $XRP Below $0.5?
- Bitcoin Price Analysis: Is This The Only Chance To Buy BTC At $62,000 Before $100,000?
- Render Price Prediction: What Awaits RNDR After 50% Weekly Surge