{"id":40667,"date":"2025-01-31T13:47:38","date_gmt":"2025-01-31T13:47:38","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=40667"},"modified":"2025-01-31T13:47:38","modified_gmt":"2025-01-31T13:47:38","slug":"shiba-inu-burn-rate-explodes-by-over-7000-is-the-shib-price-ready-to-take-off","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=40667","title":{"rendered":"Shiba Inu Burn Rate Explodes by Over 7,000%: Is the SHIB Price Ready to Take off?"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

Shiba Inu\u2019s team and community removed more than one billion tokens from the circulating supply in the last 24 hours.<\/span>
\nHowever, SHIB\u2019s price remains in red territory on a weekly scale.<\/p>\n

<\/a><\/span><\/h2>\n

The Burning Goes Through the Roof<\/h2>\n

The second-largest meme coin, Shiba Inu, saw its burn rate <\/span>skyrocket<\/span><\/a> by approximately 7,200% in the past 24 hours. This resulted in over 1.1 billion tokens being sent to a null address.<\/span><\/p>\n

While the USD equivalent of the destroyed stash is insignificant, continuous efforts in the field will reduce the circulating supply of SHIB, making it more scarce and possibly more valuable in the future (should demand increase or remain constant).<\/span><\/p>\n

Another bullish factor worth mentioning is Shiba Inu\u2019s exchange <\/span>netflow<\/span>. <\/span>According<\/span><\/a> to CryptoQuant\u2019s data, outflows have exceeded inflows in the last week, suggesting a potential shift from centralized exchanges toward private wallets. <\/span>This<\/span>, in turn, reduces the immediate selling pressure.<\/span><\/p>\n

Despite the positive developments, the price of the meme coin has underperformed <\/span>on a weekly scale<\/span>. It currently trades at around $0.00001876 (per CoinGecko\u2019s data), representing an 8% decline for that timeframe.<\/span><\/p>\n

<\/a>SHIB Price, Source: CoinGecko<\/p>\n

How\u2019s the Big Rival Doing?<\/span><\/h2>\n

The undisputed leader in the meme coin sector \u2013 Dogecoin (DOGE) \u2013 has performed quite similarly to SHIB in the past seven days. Its price has tumbled by approximately 9% to the current $0.33.\u00a0<\/span><\/p>\n

<\/a>DOGE Price, Source: CoinGecko<\/p>\n

Nonetheless, crypto X is <\/span>rammed<\/span> with analysts who believe that a massive DOGE rally is incoming. <\/span>The X user Lucky<\/span> recently told his over two million followers that the meme coin \u201cis gaining serious momentum.\u201d<\/span> They <\/span>suggested<\/span><\/a> that Dogecoin\u2019s next potential rally would be \u201cepic,\u201d claiming that the $1 milestone \u201cis just a matter of time.\u201d<\/span><\/p>\n

Earlier this week, Ali Martinez <\/span>wondered<\/span><\/a> how some could bet against DOGE since \u201cat any moment\u201d it could explode by a staggering 900% in just 48 hours. Such a rally would mirror the asset\u2019s performance at the end of January 2021, when the valuation exploded by triple digits in a few days.\u00a0<\/span><\/p>\n

Meanwhile, the meme coin might receive a serious price boost should the US Securities and Exchange Commission (SEC) approve <\/span>Bitwise\u2019s intention<\/span><\/a> to launch a spot DOGE ETF in America. The investment vehicle will give people more options to gain exposure to the meme coin, which could positively reflect its performance.<\/span><\/p>\n

The post Shiba Inu Burn Rate Explodes by Over 7,000%: Is the SHIB Price Ready to Take off?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Shiba Inu\u2019s team and community removed more than one billion tokens from the circulating supply in the last 24 hours. However, SHIB\u2019s price remains in red territory on a weekly scale. The Burning Goes Through the Roof The second-largest meme coin, Shiba Inu, saw its burn rate skyrocket by approximately 7,200% in the past […]<\/p>\n","protected":false},"author":0,"featured_media":40668,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-40667","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/40667"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=40667"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/40667\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/40668"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40667"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40667"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40667"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}