3 - 5 minute read
The Shiba Inu ($SHIB) community is rejoicing as the token’s price reaches its highest point since March 14th, accompanied by an astounding 1,632% increase in the burn rate in the past 24-hour period. This is a significant milestone for the Shiba Inu ecosystem, which comprises three unique tokens, each serving a different purpose. The primary token, $SHIB, functions as a decentralized, community-driven currency accessible to millions worldwide. Launched in late 2020 on the Ethereum blockchain, SHIB has gained global recognition and can be used as payment at numerous locations, either directly or through third-party intermediaries.
According to data from TradingView, on crypto exchange Coinbase, at 4:04 p.m. UTC on March 1, the $SHIB price surged to an intraday high of $0.1152, which is the highest it has been since March 14. Currently, $SHIB is trading at around $0.0000114, up 6.74% in the past 24-hour period (and up 39.88% in the year-to-date period).
As of 8:20 p.m. UTC on March 1, $SHIB burn tracker Shibburn is reporting that in the past 24-hour period, the $SHIB burn rate was up an impressive 1,632.49%, with over 207 million $SHIB tokens burned in the past 24-hour period (and 410.63 trillion $SHIB tokens burned so far).
The burn rate mechanism was introduced in 2021 after Ethereum creator Vitalik Buterin burned 90% of his $SHIB holdings and donated the rest to charity. The Shiba Inu community has since continued the practice, gradually taking $SHIB out of circulation. This has led to a decrease in the total supply of $SHIB and an increase in its value, making it an attractive investment for traders.
The surge in the $SHIB price and burn rate can be attributed to several factors. Firstly, the growing popularity of the Shiba Inu meme and its association with the Dogecoin project has brought attention to $SHIB. Additionally, the recent surge in the overall cryptocurrency market has also contributed to the increase in $SHIB’s value.
However, it is important to note that trading carries a high risk, and it is advisable to exercise caution when investing in any asset, including $SHIB. While the current surge in price and burn rate is a positive sign for the Shiba Inu ecosystem, it is important to keep in mind that the value of cryptocurrencies can be volatile and subject to sudden fluctuations.
In conclusion, the recent surge in the $SHIB price and burn rate is a significant milestone for the Shiba Inu ecosystem, reflecting its growing popularity and potential as an investment option. However, traders should be aware of the risks involved and exercise caution when investing in any asset. As always, it is advisable to conduct thorough research and seek professional advice before making any investment decisions.