Shiba Inu Burns Surge, Resulting in Price Rebound
Shiba Inu (SHIB) burns are making waves in the meme coin community as the burn rate experiences a significant increase. This surge in burns has also led to a substantial rebound in SHIBโs price, which had previously experienced a sharp correction due to profit-taking.
Over 2,300% Increase in Shiba Inu Burns
In the last 24 hours, SHIBโs burn rate has skyrocketed by over 2,300%, with 195 million SHIB tokens burned during this period. This surge in burns has provided much-needed recovery for SHIBโs price, which suffered an 18% decline last week.
SHIBโs Recent Performance and Setback
SHIB has been on an upward trend in recent weeks and even reached the number 10 spot among the largest crypto tokens by market cap. However, its progress was interrupted when crypto whales took advantage of the meme coinโs price surge to make profits.
Positive Reaction to Increased Burn Rate
The recent surge in burn rate and subsequent positive response from SHIBโs price is undoubtedly exciting for the SHIB community. This is particularly significant as the broader crypto market continues to lag behind. The meme coinโs lead developer, Shytoshi Kusama, confidently stated that SHIB would lead this bull market, and the consistent recovery of its price after every dip helps reinforce that narrative.
Meme Coin Season on Shibarium?
Lucie, Shiba Inuโs Marketing Lead, recently hinted at a potential meme coin season on Shibarium, the layer-2 network. She highlighted the success of meme tokens like SHIB, BONE, and LEASH, which have experienced impressive growth since their launch.
Impact on SHIBโs Price
If Shibarium witnesses an influx of traders investing in memes on the network, it could have a significant short-term impact on SHIBโs price. This can be observed from the effect Solanaโs meme coin season had on the SOL token. Increased meme trading activity would lead to more SHIB tokens being burned, benefiting both SHIB and BONE, Shibariumโs utility token.
The Risk of Meme Coin Investments
Lucie also warned traders about the risks associated with investing in meme coins. She emphasized that meme coins should not be considered as serious investments and advised against selling existing investments to invest in memes. Instead, meme trading should only involve funds that one can afford to lose.
Current Price and Outlook
As of now, SHIB is trading at $0.00002845, reflecting a 14% increase in the last 24 hours according to data from CoinMarketCap.
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