Shiba Inu Coin Up 4.5% Despite Crypto Bear Market

After this week’s sell-off, the overall cryptocurrency market is still in a slump, but certain cryptocurrencies are resisting the downtrend.

Shiba Inu (SHIB), a meme coin, is one of them. It is up above 7% on the week and nearly 4.5% on the day and is currently trading at $0.0000135, according to CoinMarketCap.

Following a rise in the token’s burn rate earlier this week, SHIB’s price has been moving higher. As per Shib Burn Tracker, holders burnt slightly below 15,000,000 SHIB on August 17, and more than 180,000,000 on August 18—a rise of more than 1,100%. The spike, however, seems to have been short-lived because, according to ShibBurn, another tracker, the token burn rate has reversed by more than 90% during the last 24 hours.

In an effort to lower the token’s circulating quantity, the SHIB token burn mechanism was implemented in April. Holders of SHIB who burn their tokens receive burntSHIB, a yield-generating token that pays rewards in RYOSHI, another ERC-20 token.

Dogecoin, a competing dog-themed meme coin to Shiba Inu, has fared worse during the market downturn; although being up 0.9% recently, it has fallen by roughly 3.7% in the previous days.

Following the launch of Dogechain, a blockchain network that enables holders to produce a wrapped version of the coin for usage in DeFi apps, Dogecoin had a brief rise.

The two biggest cryptocurrencies, Bitcoin and Ethereum, fell when traders closed out their positions later in the week, but the market had other plans.

Leave a Comment

Your email address will not be published.