SHIB Jumps 9% As Token Burn Intensifies

25 August 2022

in DOGE

Reading Time: 4 mins read

While the broader cryptocurrency market stages recovery after last week’s 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.

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

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 Shibburn.

Shibaswap, the popular DEX launched by the Shiba team, has also seen its user base grow, per data from Dune Analytics.

On Aug 25, 145,661 users interacted with Shibaswap, a new all-time high for the metric.

SHIB token burn rate. Source: Shiba-burn-tracker

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’s bullish price movement.

Despite today’s rocketing price movement, SHIB is down over 80% from its all-time high of $0.00008845 recorded in October 2021, as per data from CoinMarketCap.

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Over $1.2 million in SHIB trades have been liquidated over the past 24 hours, predominantly from short positions, according to data from Coinglass.

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Total addresses holding SHIB have increased by 0.023% to just above 1.211 million in the last 24 hours, according to data from Etherscan.

DOGE Follows SHIB

The leading meme coin, Dogecoin (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 CoinMarketCap.

With a market capitalization of $9.3 billion, DOGE is the 10th-largest cryptocurrency.

Despite today’s hefty gains, DOGE is still down over 90% from its all-time high of $0.7376 recorded in May 2021, as per data from CoinMarketCap.

Over $1.1 million in DOGE trades have been liquidated over the past 24 hours, per data from Coinglass. The majority of the liquidations came from blown-out short positions.

The broader crypto market is bullish this week after last week’s bloodbath. Leading cryptocurrency Bitcoin (BTC) has gained around 0.6% over the past 24 hours and currently trades at around $21,600.

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