Shiba Inu (SHIB) Reclaims Crucial Support As SHIB Burn Rate Soars 656%

Shiba Inu SHIB Main Developer Offers More SHIB Burning Options

The Japanese guard dog-themed cryptocurrency Shiba Inu (SHIB) had a hard time this week as the second largest crypto exchange in the world, FTX, was smashed to smithereens. Naturally, this had negatively affected most of the TOP 100 altcoins by market capitalization, with Solana (SOL) dropping by more than 50%, as a large part of the altcoin was held in FTX’s liquidity.

Hence, SHIB managed to unlock an achievement of surpassing the troubled SOL to reclaim the #13 position in the crypto charts. After the news, SHIB lost its crucial resistance line at $0.00001 for a brief moment but managed to restore it on Friday morning. As the SHIB Army hopes for Shibarium, the optimistic approach can lead to positive changes for the canine crypto.

The SHIB Army Recruits 2,000 New Soldiers A Day

One of the reasons behind SHIB’s strong bounce back from the FTX-infused crypto crash is the fact that its ecosystem still manages to expand. According to SHIB Ireland, there’s been an increase in over 2,000 new SHIB holders even amid the unforgiving crypto winter.

Staggering Amounts Of SHIB Set Aflame

The SHIB Army is keen on helping themselves grow by burning a desired amount of SHIB tokens. Indeed, the efforts can accelerate the growth of the coin’s market price, especially keeping in mind that there are plenty of ways to set SHIB ablaze, including:

  • Shibburn Radio
  • SHIB SuperStore
  • SB Visa Card (upcoming)
  • Shiba Eternity card game

Of course, the easiest way to do it is to simply go onto Shibburn’s website and choose one out of three dead wallets. According to the burning portal’s statistics, over 43 million have been burned in the last 24 hours alone. Besides, one member of the SHIB army reduced to ashes a whopping 10,000,000 in a single transaction.

On the Flipside

  • Some SHIB Army members are displeased about the delay in Shibarium.
  • Despite being rumored for Q3 of 2022, Shibarium is still in testing mode.
  • According to messages on Twitter, Shytoshi Kusama is getting very defensive when asked “Wen Shibarium”?

Why You Should Care

SHIB has arguably the most active crypto community on Twitter.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Author

Tadas Klimasevskis is an author & reporter, focusing on the latest tendencies of the crypto galaxy. Tadas spends his time digging deeper into specific areas like coins such as Shiba Inu (SHIB) & Dogecoin (DOGE), music NFTs, sports NFTs, digital art, and Pop culture in Web 3.0. Tadas strongly believes in crypto as disruptive innovation and keeps an eye out for new crypto hubs being developed around the globe. His vast experience in social media lets him quickly spot what’s going on in the mercurial world of crypto and deliver stories with unique spins. He has been active in blockchain and cryptocurrencies since 2019.