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

Shiba Inu gets snowballed in the harsh crypto winter, only to respond with fire as SHIB Burn rate catapults.

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.

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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.

Find out what SHIB has been up to:

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Shiba Inu (SHIB) Overthrows Solana (SOL), Then Adds Another Zero

Price of Shiba Inu (SHIB) Spurs Wake up Call for Sleeping Ethereum (ETH) Whales

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

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.