As Shiba Inu continues to be among the most trending digital assets on the world’s leading price-tracking and widely-referenced website Coinmarketcap, more than 100 million SHIB tokens have been burned by the Shiba Inu community in the past 48 hours.
Shiba Inu’s team has been steadily building to develop and expand its ecosystem through the onboarding of various interesting projects like the Shiba Collectible Card Game (CCG). Accordingly, the dog-themed token has been one of the most widely talked about cryptocurrencies in 2022.
Shiba Inu Continues to Trend
SHIB’s popularity and growth could also be attributed to the project’s gigantic community size and activeness. It is worth noting that the number of on-chain wallets holding Shiba Inu has been growing as it surpassed the 1.2 million mark.
Throughout August 16, SHIB was number one on the trending page but was later displaced by Ethereum (ETH) on August 17. At the time of writing, Shiba Inu is the second most trending crypto on Coinmarketcap.
In terms of price appreciation, SHIB has started to outperform other top digital assets. At press time, SHIB is trading for $0.00001607 having appreciated over 32% and 40% in the last 7 and 30 days respectively.
As reported by TimesTabloid, Shiba Inu (SHIB) broke out of its dominant “cup and handle” pattern a few days ago. This further indicates that the decentralized meme token could see more uptrend. Similarly, top traders like Peter Brandt and David Gokhshtein believe that SHIB has entered a bull cycle.
Though Shiba Inu (SHIB) is still trailing DogeCoin (DOGE) in terms of market capitalization, it has more popularity than the largest meme token on Twitter.
Data shows that Shiba Inu’s official Twitter account, ‘Shibtoken’ has 3,446,731 followers while the DogeCoin account has 3,441,528 followers only. On the other hand, DogeCoin has a market cap of approximately $11.2 billion while Shiba Inu’s market value is at $8.8 billion at the time of writing.
SHIB Burn Rate Declines
Over 100 million SHIB tokens have been removed from the circulating supply of the dog-themed token within the last 48 hours. While this is a good thing for the ecosystem, it shows a drastic decline in SHIB’s burn rate when compared to daily burn statistics in the past months.
As revealed by Shibburn, a platform that tracks all the ecosystem burn activities, the SHIB burn rate has declined by over 75% in the past 24 hours. Over the past day, only 20,226,161 Shiba Inu tokens have been sent to inferno wallets.
Although the burn rate has reduced, this does not dissuade the teeming community members from burning SHIB further. And with the look of things, the SHIB burning initiative has started to pay off.