Shiba Inu’s (SHIB) Price on Fire as SHIB Burn Rate Shoots Up 1934%

The Japanese guard dog themed cryptocurrency is back in shape with continuous support from ETH whales.

Shiba Inu’s (SHIB) Price On Fire As SHIB Burn Rate Shoots Up 1934%

The recent cryptocurrency market recovery has ignited a bullish trend for Shiba Inu (SHIB). Several reasons behind this include a significantly increased SHIB burn rate and Ethereum’s (ETH) TOP 100 whale activity. According to the data provided by WhaleStats, the TOP 500 ETH whales amassed $133,187,605, which equals to 11 trillion SHIB tokens.

Double-Digit Gains for SHIB

At press time, SHIB is priced at $0.0000109, according to CoinGecko. The popular canine token has jumped by 4.4% in the last 24 hours. The weekly perspective looks even brighter, with 10.9% in the green.

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According to the statistics provided by CryptoDep, SHIB received over 13 million social mentions (including, followers upvotes and retweets) on Twitter on October 25th. On the other hand, rival memecoin Dogecoin (DOGE) managed 18.2 million social mentions.

However, the SHIB Army’s dominance in social media is more prominent with 2% dominance in comparison to the DOGE Army’s 1.33%. Ultimately, this indicates that the SHIB Army is wider than its DOGE counterpart.

It’s Boiling Hot For SHIB

The SHIB army made a substantial contribution to the uptrend in SHIB’s market price. According to Shibburn, there have been been 14,896,832 SHIB tokens set aflame in the last 24 hours. While the beloved canine cryptocurrency is easily catching fire, its developer team is working on the Visa SB card.

This would allow SHIB holders to pay in the currency anywhere in the world where VISA is accepted. On top of that, a certain amount of SHIB tokens goes up in smoke every time a transaction is completed.

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Ultimately, many crypto influencers expect the SHIB burn rate to ignite another leg for its bull run. However, much of the SHIB Army could find extra motivation to set the canine crypto ablaze when Shibarium drops.

On the Flipside

  • As Halloween nears, there are a few Shiba Inu-related Trick or Treat scams on Twitter.
  • Some of the fraudsters are using verified Twitter profiles, demonstrating the lack of security on the micro-blogging platform.
  • Despite the bullish sentiment, the dog-themed memecoin lost its #13th position by market cap to Polygon (MATIC).

Why You Should Care

With memecoins leading the rebound rally, it is crystal clear that both top dog tokens SHIB and DOGE have some of the widest communities in crypto.

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.

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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.