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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities
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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Shiba Inu Continues Rally As SHIB Burn Rate Spikes Over 20% In The Past Day

Samuel Edyme
Samuel Edyme
2 years ago
3 mins read
Chainlink Performance Crucial For Altcoin Market

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Over the past 24 hours, a significant amount of Shiba Inu (SHIB) has been burned via transactions. SHIB has surged by nearly 4% in the past day, emerging as the second highest gainer among large crypto by market cap after Dogecoin (DOGE).

SHIB is currently in the green, with a 24-hour high of $0.00001144 and a low of $0.00001057. The token is moving upward after recording a sharp decline as of last week. 

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Shiba Inu Burn Rate Accelerates, How Will The Price React?

2 years ago

Over 25 Million SHIB Burned In 24 Hours

As a result of the Shiba Inu army’s consistency in burning SHIB tokens, the token’s burn rate has recorded a more than 20% spike in the last 24 hours. According to the Shiba Inu burn tracker, Shibburn, there have been a total of 25,767,627 SHIB tokens burned in the past 24 hours via eight separate transactions. 

Of the eight transactions, SHIB super store, a themed SHIB product, burned the highest number of tokens through its weekly burn event. Over the past 24 hours, the store reported 9.5 million burned SHIB tokens in just a single transaction. 

Alongside the burned tokens, the SHIB superstore also reported an additional 9.4 million Shiba Inu tokens distributed to the community as a reward. According to this platform, this move is an “advancement in community support and encouragement in the continuous event of burning SHIB.”

The SHIB superstore has since been a core player in the weekly SHIB burn events. Starting in September 2021, the store has burned 3.48 billion SHIB and has distributed roughly 314 million SHIB to the community via its burn and earn program. 

As of last month, SHIB superstore recorded over 6.7 billion SHIB burned via 540 distinct transactions. 

Related Reading

Shiba Inu SHIB

Shiba Inu Fundamentals Look Strong, When Will SHIB Price Follow?

2 years ago

Shiba Inu Continues Rally

While the total amount of SHIB burned over the past week is significantly huge compared to the total SHIB burned in the past few days, the SHIB price surged from a low of $$0.00001057 seen earlier today.

Shiba Inu (SHIB) price chart on TradingView
Shiba Inu (SHIB) price is moving sideways on the 3-hour chart. | Source: SHIB/USDT on TradingView.com

SHIB is currently moving in a bullish trend, following suit with DOGE price action. In the last 24 hours, over $400 million have been added to the asset’s market cap by nearly 4%. At the time of writing, the SHIB market cap currently sits at $6.7 billion.

Interestingly, despite its surge, at the time of writing, the asset’s trading volume hasn’t moved much compared to the amount seen earlier today. SHIB currently has a 24-hour trading volume sitting at $291 million. 

Meanwhile, DOGE has recorded a double-digit gain up by 17% in the last 24 hours. The asset currently trades at $0.0914 with a market cap of 12.9 billion and a 24-hour trading volume of $1.8 billion.

Featured image from Shutterstock, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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