Shiba Inu Coin (SHIB) is leading the price increase of meme cryptos as investor sentiment towards the market turned positive. SHIB price is up 23% in the last 7 days, while Dogecoin (DOGE) has shown an increase of around 20% over the same period. In order to increase the Shiba Inu price in the future, SHIBArmy is actively burning more SHIB tokens.
Are whales still interested in Shiba Inu Coin?
WhaleStats reported that the Shiba Inu Coin Wrapped Bitcoin (WBTC) has flipped for the most traded token among the top 100 Ethereum (ETH) whales. While Shiba Inu has also landed on the list of the top 10 cryptos bought by the biggest ETH whales in the same period.
As we go in, the Shiba Inu Token can be seen reaching the top 10 tokens used by the top 100 whales by trading volume. However, these whales now have $81 million in SHIB tokens.
Burn rate increases SHIB price?
The active community response to reduce the market’s Shiba Inu Coin circulation is gradually working. According to data from Shibburn, SHIB burn rate has increased by as much as 500% in the last 24 hours. SHIBArmy burned approximately 11.8 million SHIB tokens to achieve this feat.
On the market side, the price of Shiba Inu is up about 12% in the last 24 hours. SHIB is trading at an average price of $0.000010 at the time of going to press. SHIB’s 24-hour trading volume is up 81% to $640 million.
Ashish believes in decentralization and has a keen interest in the development of Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching a thriller or exercising outside. Reach me [email protected]
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This post Shiba Inu Coin Burn Rate Up 500%; Price increases of 12%
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