{"id":71650,"date":"2024-02-17T08:12:11","date_gmt":"2024-02-17T12:12:11","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=71650"},"modified":"2024-02-17T08:12:52","modified_gmt":"2024-02-17T12:12:52","slug":"shiba-inu-weekly-burn-surges-160-with-102-million-shib-burned","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/shiba-inu-weekly-burn-surges-160-with-102-million-shib-burned\/","title":{"rendered":"Shiba Inu Weekly Burn Surges\u00a0160% with 102 Million SHIB Burned"},"content":{"rendered":"\n

Shiba Inu, a meme coin, reported a huge increase in its weekly burn rate. However, the token's current price behavior<\/a> is in stark contrast.<\/p>\n\n\n\n

\"Shiba<\/figure>\n\n\n\n

On Saturday, the meme coin Shiba Inu, a well-known cryptocurrency that operates on the Ethereum blockchain<\/a>, generated a tidal wave of speculative activity throughout the broader crypto\u00a0market due to a substantial increase in its burn rate over the past week.<\/p>\n\n\n\n

The weekly burn rate of the meme coin increased by 160%, with a staggering 102.40 million SHIB obliterated in the last week, according to data disclosed by burn tracker Shibburn.<\/p>\n\n\n\n

In the meantime, the token's burn rate increased by 36.96%, as shown on the chart for today.<\/p>\n\n\n\n

The destruction of an astounding 1.53 million SHIB in the last 24 hours has garnered considerable international attention.<\/p>\n\n\n\n

The burning chronicle represents the Shiba Inu community's attempt to boost the market performance of the token.<\/p>\n\n\n\n

Meanwhile, Shiba Inus's weekly chart exhibited a similar upward trend, with a 4.14% surge, according to data from CoinmarketCap.<\/p>\n\n\n\n

Today, however, the token traded in the red, fueling further speculation among crypto market enthusiasts regarding its future performance.<\/p>\n\n\n\n

SHIB Burn Boosts Optimism<\/h2>\n\n\n\n

As of the present moment, the Shiba Inu community\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> has reportedly burned through an astounding 410.70 trillion SHIB of the token's initial supply.<\/p>\n\n\n\n

This endeavor to increase SHIB tokenomics appears to be gaining momentum exponentially, which is positively affecting the token's market dynamics.<\/p>\n\n\n\n

Significantly, the present circulating supply has decreased considerably since the meme coin's inception, to 581.41 trillion.<\/p>\n\n\n\n

This contributes to the development of optimistic sentiment regarding the token.<\/p>\n\n\n\n

During this time, the primary marketing member for Shiba Inu highlighted the integration of Shiboshi utility into Shibarium in a recent post on X, which enabled SHIB burn and seamless transactions.<\/p>\n\n\n\n

The anticipated outcome of this integration is a continued transformation of the burning process for Shiba Inus, which will generate positive market sentiment towards the token as its cryptographic endeavor progresses.<\/p>\n\n\n\n

Nevertheless, the token seems to be reflecting a pessimistic trend in the current market.<\/p>\n\n\n\n

Shiba Inu Price Falls<\/h2>\n\n\n\n

The Shiba Inu is currently trading at $0.00000967, reflecting a decrease of 3.03% in value over the past 24 hours as of this writing.<\/p>\n\n\n\n

In addition to contradicting the community's recent developments<\/a>, this decline contrasts with the burning rate increase observed over the last week and today.<\/p>\n\n\n\n

As open interest and volume for the meme coin fell by 3.46% and 28.06%, respectively, the decline in derivatives data further indicated a downtrend for the token.<\/p>\n","protected":false},"excerpt":{"rendered":"

Shiba Inu, a meme coin, reported a huge increase in its weekly burn rate. However, the token’s current price behavior is in stark contrast. On Saturday, the meme coin Shiba Inu, a well-known cryptocurrency that operates on the Ethereum blockchain, generated a tidal wave of speculative activity throughout the broader crypto\u00a0market due to a substantial […]<\/p>\n","protected":false},"author":56,"featured_media":71653,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[5392,650,17837,17838],"class_list":["post-71650","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-cryptocurrency-2","tag-memecoin","tag-shib-burn","tag-shiba-inushib"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/02\/106966284-1635328928157-gettyimages-1233716960-porzycki-shibainu210629_npGIf-scaled.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/71650","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=71650"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/71650\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/71653"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=71650"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=71650"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=71650"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}