Shiba Inu (SHIB) burns are again the major talking point in the meme coin’s ecosystem following a recent surge in the burn rate. This has also led to a massive rebound for SHIB’s price, which suffered a sharp correction in the past week due to a wave of profit-taking.
Shiba Inu Burns Increase By Over 2,300%
According to Shiba Inu’s burn tracker, Shibburn, SHIB’s burn rate increased by over 2,300% in the last 24 hours, with 195 million SHIB tokens burned during this period. This development has also provided a much-needed recovery to the meme coin’s price, which declined by over 18% last week.
SHIB has been on the rise in the past few weeks, even climbing to the number 10 spot of largest crypto tokens by market cap. However, its run was halted last week by a wave of profit-taking from crypto whales who saw the meme coin’s recent price surge as an avenue to profit from their investment in the crypto token.
Meanwhile, the recent increase in the burn rate and SHIB’s price reacting positively to it will undoubtedly excite the SHIB community, especially as the broader crypto market continues to lag. Shiba Inu’s lead developer, Shytoshi Kusama, boldly claimed that the meme coin would lead this bull market, and SHIB’s price recovering nicely after every dip can help strengthen that narrative.
Shibarium Also Having Its Meme Season?
Shiba Inu’s Marketing Lead, Lucie, recently hinted at a meme coin season brewing on the layer-2 network, Shibarium. She added that the SHIB ecosystem has had success with memes, seeing how tokens like SHIB, BONE, and LEASH have experienced impressive growth since launching.
Shibarium’s meme coin season could be very significant for SHIB’s price in the short term, given the impact that Solana’s meme coin season has had on the SOL token. Shibarium seeing more traders invest in memes on the network would increase network activity and ultimately cause more SHIB tokens to be burned. BONE, Shibarium’s utility token, will also benefit from such development.
Lucie was also quick to warn traders about the risk involved in investing in meme coins, noting that they shouldn’t be taken as “serious investments.” Therefore, she advised them against selling their investments to invest in memes. Instead, meme trading should only be done with pocket money that one can afford to lose, Lucie added.
At the time of writing, SHIB is trading at $0.00002845, up by 14% in the last 24 hours according to data from CoinMarketCap.
SHIB price wobbles | Source: SHIBUSDT on Tradingview.com
Featured image from CryptoRank, chart from Tradingview.com
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Author: Scott Matherson
