{"id":27038,"date":"2022-08-25T15:24:48","date_gmt":"2022-08-25T15:24:48","guid":{"rendered":"http:\/\/egrowonline.com\/?p=27038"},"modified":"2022-08-25T15:24:48","modified_gmt":"2022-08-25T15:24:48","slug":"shib-jumps-9-as-token-burn-intensifies","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=27038","title":{"rendered":"SHIB Jumps 9% As Token Burn Intensifies"},"content":{"rendered":"


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While the broader cryptocurrency market stages recovery after last week\u2019s selloff, meme coin Shiba Inu<\/a><\/span> (SHIB) has risen over 9% today and recorded a weekly high.<\/span><\/p>\n

SHIB, the 12th-largest cryptocurrency, has a market capitalization of $8.01 billion and currently trades at around $0.00001439, according to data from <\/span>CoinMarketCap<\/span><\/a>.\u00a0<\/span><\/p>\n

SHIB’s upwards price action is primarily a result of a spike in the token’s burn rate<\/a> earlier this week, and expectations around the launch of Shibarium<\/a> (a layer-2 blockchain to be launched by Shiba Inu).<\/span><\/p>\n

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Nearly 110 million SHIB tokens have been burned over the past 24 hours, and 40% of the total SHIB supply has been burned to date, as per data from <\/span>Shibburn<\/span><\/a>.<\/span><\/p>\n

Shibaswap, the popular DEX launched by the Shiba team, has also seen its user base grow, per data from <\/span>Dune Analytics<\/span><\/a>.<\/span><\/p>\n

On Aug 25, 145,661 users interacted with Shibaswap, a new all-time high for the metric.<\/span><\/p>\n

\"chart\"\"chart\"<\/span>
SHIB token burn rate. Source: Shiba-burn-tracker<\/figcaption><\/figure>\n

Trading volumes were also up 61% over the past 24 hours. On a weekly note, SHIB is down by a meagre 1.68% after today\u2019s bullish price movement.<\/span><\/p>\n

Despite today\u2019s rocketing price movement, SHIB is down over 80% from its all-time high of $0.00008845 recorded in October 2021, as per data from <\/span>CoinMarketCap<\/span><\/a>.<\/span><\/p>\n

Over $1.2 million in SHIB trades have been liquidated over the past 24 hours, predominantly from short positions, according to data from <\/span>Coinglass<\/span><\/a>.<\/span><\/p>\n

Total addresses holding SHIB have increased by 0.023% to just above 1.211 million in the last 24 hours, according to data from <\/span>Etherscan<\/span><\/a>.<\/span><\/p>\n

DOGE Follows SHIB<\/span><\/h2>\n

The leading meme coin, Dogecoin<\/a><\/span> (DOGE), is also up 2.4% over the past 24 hours. DOGE showed a 37% spike in daily trading volume and currently trades at around $0.070, according to data from <\/span>CoinMarketCap<\/span><\/a>.\u00a0<\/span><\/p>\n

With a market capitalization of $9.3 billion, DOGE is the 10th-largest cryptocurrency.\u00a0<\/span><\/p>\n

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Despite today\u2019s hefty gains, DOGE is still down over 90% from its all-time high of $0.7376 recorded in May 2021, as per data from <\/span>CoinMarketCap<\/span><\/a>.<\/span><\/p>\n

Over $1.1 million in DOGE trades have been liquidated over the past 24 hours, per data from <\/span>Coinglass<\/span><\/a>. The majority of the liquidations came from blown-out short positions.<\/span><\/p>\n

The broader crypto market is bullish this week after last week\u2019s bloodbath. Leading cryptocurrency Bitcoin<\/a><\/span> (BTC) has gained around 0.6% over the past 24 hours and currently trades at around $21,600.\u00a0<\/span><\/p>\n

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Ethereum<\/a><\/span> (ETH) has also gained nearly 3% in the last 24 hours to trade at $1,700, per data from CoinMarketCap<\/a>, as its much-anticipated merge<\/a> fast approaches.<\/span><\/p>\n

The crypto industry market cap jumped to $1.05 trillion, up 1.3% over the past 24 hours, per data from <\/span>CoinMarketCap<\/span><\/a>.<\/span><\/p>\n

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Stay on top of crypto news, get daily updates in your inbox.<\/h3>\n<\/p>\n<\/div>\n<\/div>\n


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While the broader cryptocurrency market stages recovery after last week\u2019s selloff, meme coin Shiba Inu (SHIB) has risen over 9% today and recorded a weekly high. SHIB, the 12th-largest cryptocurrency, has a market capitalization of $8.01 billion and currently trades at around $0.00001439, according to data from CoinMarketCap.\u00a0 SHIB’s upwards price action is primarily a […]<\/p>\n","protected":false},"author":1,"featured_media":27039,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[46],"tags":[1195,5243,3622,557,452],"class_list":["post-27038","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dogecoin","tag-burn","tag-intensifies","tag-jumps","tag-shib","tag-token"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/08\/Webp.net-resizeimage3-gID_1.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/27038","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=27038"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/27038\/revisions"}],"predecessor-version":[{"id":27040,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/27038\/revisions\/27040"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/27039"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27038"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27038"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27038"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}