- Shiba Inu (SHIB) experienced a 261.18% price increase last month, reaching over $0.000044, and now trades around $0.000027 after a correction.
- Unlike Dogecoin, with a weekly increase of 35%, SHIB has seen a more than 160% increase in price, with daily trading volume exceeding $3.6 billion versus Dogecoin’s $3 billion.
Recently, Shiba Inu experienced a surge in its price, climbing 261.18% in the last month and peaking above $0.000044. However, this euphoria was tempered by a correction that brought its price to around $0.000027.
Comparatively, Dogecoin, the pioneer among meme-inspired cryptocurrencies, managed a more moderate increase, with a weekly rise of 35%.
One of the most telling indicators of interest in Shiba Inu is its daily trading volume, which recently surpassed $3.6 billion, eclipsing the $3 billion recorded by Dogecoin.
This data reflects not only the liquidity of the asset but also the vigorous investor interest and confidence in its long-term potential.
In turn,Shiba Inu managed to reverse a downtrend, registering a 12.20%increase in the last 24 hours. This has been interpreted by analysts and traders as a sign of SHIB resilience in the face of recent cryptomarket trends.
A key element that has catalyzed recent interest and investment is the impressive increase in its burn rate, registering an astonishing 15,608%.
This achievement has been the result of decisive actions by the SHIB team, which has proceeded to remove SHIB, BONE, and LEASH tokens from circulation, a strategy aimed at increasing their scarcity and, therefore, their value in the market.
There were 4 transactions for burns in the dead wallet. 2 transactions for burning #Shib one transaction for burning #Leash and one more for burning #Bone pic.twitter.com/SU4YcfNXhy
— RagnarShib.eth (@RagnarShiba) March 9, 2024
In the last 24 hours, a total of 13,610,153,841 $SHIB tokenshave been burned through 12 transactions, which translates to a monetary value of $489,965.
This move has coincided with renewed enthusiasm and activity within the Shiba Inu community, reflected in an approximately 300% rise in the price of SHIB, reaching highs of $0.00004575.
There you have it. 👇❤️🔥https://t.co/4KinbMCyjc
— Shytoshi Kusama™ (@ShytoshiKusama) March 9, 2024
In addition, Shytoshi Kusama, leader of Shiba Inu, has offered more detailed insight into the Shibarium burns, explaining how the burn figures were calculated, including a total of 92 ETH burned.
This process ties in with the release of Sheboshis, a female counterpart to Shiboshis and a hybrid NFT token that has captured the imagination of the community.
In terms of market performance, SHIB has seen a 4.41% increase in the last 24 hours, trading at $0.000035. In parallel, BONE and LEASH have also seen significant increases, up 5% and 3% respectively, showing positive dynamics across the Shiba Inu ecosystem.
