According to Shibburn blockchain sleuths who specialise in Shiba Inu meme cryptocurrencies, the burn rate of Shiba Inu, the second-largest dog token by market capitalization value, has skyrocketed by about 11,000% in the last 24 hours.
SHIB burn rate holds high after recent jump
Shibburn reports that the happy increase in the Shiba Inu burn rate since this morning amounts to an astounding 10,653.65%. This number, 297,573,479 SHIB, represents more over a quarter million incinerated meme currencies in this specific instance.
According to the Shibburn X account, the vast majority of this amazing SHIB value was burnt in two transfers: 261,408,966 SHIB and 21,527,028 SHIB were sent to inactive blockchain addresses.
This week’s largest increase in burn rate thus far is this one. The first one happened on Tuesday, when the devoted Shiba Inu community managed to raise it to an incredible 499,363%.
https://x.com/shibburn/status/1729364546995810766?s=20
SHIB price loses 6.4% since weekend as it strives to break out
Meanwhile, the price of the Shiba Inu has decreased by 6.41% since the week began, closing at $0.0000080 now after falling from the $0.00000866 mark.
SHIB has attempted to break out of the range it has been trading in twice this week, touching the support level at $0.00000805 and then rebounding higher each time.
Regarding weekly burns, there has also been progress. The Shibburn X post states that the SHIB army has disposed of 321,843,771 SHIB in total during the last seven days. This increases the weekly burn rate by over 11% and corrects the indicator’s recent negative readings.
The total amount of Shiba Inus in circulation is still 589,336,895,163,727 SHIB, and frequent burning haven’t been able to lower it to the point where a current spike in SHIB prices would be feasible.
SHIB rep shares five criteria for potential market leading coin
The Shiba Inu team’s official social media marketing specialist, who goes by Lucie on social media, took to the X platform to discuss what she sees as the top five criteria that investors should consider when searching for a cryptocurrency that has the potential to grow into a strong market leader.
She noted that these five principles should be taken into particular consideration when the market is declining, as it is now.
According to Lucie’s X post, these indicators include having a clear vision—something that a project with long-term goals must have—strong community support, an actively working team of developers (users should regularly check for new updates in this area), regularly forming new partnerships—which facilitate wider adoption—and, lastly, a potentially successful crypto project must exhibit strong fundamentals.
Large communities are gathered around the Shibarium trifecta, which consists of the SHIB, BONE, and LEASH tokens. These coins are continuously boasting new listings. In addition, the SHIB team refreshes the community on a regular basis and adds new features. The BONE coin has surfaced on the Binance mobile app’s DeFi section.
Many in the SHIB community happily interpreted it as a sign that a Binance listing would happen shortly.
