Shiba Inu Defies Market Trends with a Staggering 1009% Surge in Burn Rate
The post Shiba Inu Defies Market Trends with a Staggering 1009% Surge in Burn Rate appeared first on Coinpedia Fintech News
Shiba Inu, one of the top meme coins by global market cap, is in the news again with a major update. Despite recent significant selloffs, the meme coin’s price has shown remarkable resilience, defying market norms and maintaining an upward trend above the critical resistance of $0.00002315 at press time.
What is taking the token upward is a staggering 1009% surge in Shiba Inu’s burn rate, which was revealed over the past 24 hours, with 29.11 million SHIB being destroyed. This significant increase in the token’s burn rate is designed to enhance SHIB’s economic aspects, focusing on the design and distribution of its native digital tokens and downsizing the supply.
A whopping 1009% surge!
As the SHIB burn rate surged 1009%, the price trajectory maintained its upward momentum alongside the broader market trends. With this, the SHIB scaled the $0.000025 mark again today, drawing substantial investor curiosity in Shiba Inu over its optimistic future price movements.
Despite 211 billion coins sold by wallets over the past day, Shiba Inu showcased resilience.
Also, Coinglass revealed SHIB liquidations worth $90.39K with reduced selling pressure.
Meanwhile, the Shiba Inu crypto community also recently had a hard fork upgrade for Shibarium, which promises much faster transactions and gas fees that are “predictable for everyone.” A hard fork upgrade implies splitting an existing blockchain in two, with the old one getting left behind and the new one going forward. This upgrade cannot be reversed.
Notably, a post-BTC-halving rally, in which altcoins follow the BTC’s uptrend, might also result in impressive gains for Shiba Inu.
Lucie’s Message Before SHIB Burns
You’re looking in the wrong direction, my friend.
Shytoshi and the developers aren’t the key to burns. They don’t hold tokens to burn, remember?
It’s the community that drives burns through actions like burning tokens or transactions.
That’s why we’re focused on attracting… https://t.co/AWIX9EGrhc
— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO (@LucieSHIB) May 2, 2024
In a recent post on X, Lucie, the Shiba Inu marketing lead, emphasized the importance of increasing community participation and efforts in SHIB burns. She said that the developers and Shytoshi Kusama are not the key to burns as they don’t hold tokens.
The community drives burns through actions like burning tokens or transactions. The Shiba Inu community had burnt over 1.69 billion tokens throughout April, short compared to the 15.64 billion tokens burned in March.
Lucie stressed the community’s goal of reaching significant price milestones like $0.01. She emphasized the importance of unity and collective effort in achieving the goals set by the Shiba Inu project.
Filed under: Bitcoin - @ May 4, 2024 12:19 pm