Shiba Inu Token Soars 40% As Team Continues Massive Token Burn

After experiencing a massive sell-off that saw the price of Bitcoin trade sub $17K, The King Cryptocurrency is now making recoveries into the $21k levels.

Today’s live Bitcoin price is $21,497.40 with a 24-hour trading volume of $33,593,846,614 USD. Bitcoin is up 3.86% in the last 24 hours. The current market cap sits at $410,026,889,460.

Many other top-tier crypto assets also follow Bitcoin’s Lead as it turns a green candle.

Notably, $Cel has hit over 100% profit, surging from $0.5 levels to around $1.3 earlier today. $WAVES is also currently experiencing a 40% increase from $4.62 to $7.19.

Shiba Inu Price Action

Shiba Inu token is also enjoying a massive pump. The live Shiba Inu price today is $0.000011 with a 24-hour trading volume of $889,368,474. Shiba Inu is up 29.14% in the last 24 hours. The current market cap sits at $5,806,262,971 with a circulating supply of 549,063,278,876,302 SHIB coins.

This is approximately a 40% increase from $0.000007 to $0.000011, canceling another zero in its price value.

SHIB has surpassed Ethereum and Cardano to take the sixth spot as the most rapidly increasing asset in the last 24 hours, according to CoinMarketCap. The appeal of assets with low capitalization and liquidity, which tend to yield higher returns during short-term market bounces, could be the leading cause for such rapid growth.

The regular occurrence of burning incidents further aids Shiba Inu.

Shiba Inu Regular Token Burn

Over the months, The Shiba Inu team has been committed to burning more tokens to reduce the circulating supply. This, of course, will increase the asset’s value. 

Travis Johnson, a game developer and owner of an online shop where he sells his mobile games and SHIB-branded merchandise, tweeted that he burned almost 70 million meme coins during his regular Sunday burn.

The shop was chosen for an Amazon affiliate program over a month ago, which allowed for the purchase of SHIB, the use of commissions, and subsequently the addition of these tokens to the general burn pot. A figure of more than 2.25 billion meme tokens has been named to be burned.

Shiba Inu are purchased using a share of the proceeds from smartphone game advertisements and the sale of the merch and commodities described above.

Overall, a total of 410,370,029,330,564 Shiba Inu Tokens have been burnt from its initial supply with a burn rate of 191%, according to Shibburn.

In the Last 24hrs, a total of 268,832,245 $SHIB has been burnt.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any project.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, and Metaverse news!

Image Source: kviztln/123RF