Shiba Inu Soars Despite Sell-Offs, Fueled by 1009% Burn Surge
The post Shiba Inu Soars Despite Sell-Offs, Fueled by 1009% Burn Surge appeared first on Coinpedia Fintech News Shiba Inu, the standout among meme coins and a major player in the global market, is making headlines once more with a game-changing update. Despite recent dips in value, the meme coin remains resilient, defying market norms by maintaining its upward climb above the critical resistance level of $0.00002315. Driving this surge is an astounding …
The post Shiba Inu Soars Despite Sell-Offs, Fueled by 1009% Burn Surge appeared first on Coinpedia Fintech News
Shiba Inu, the standout among meme coins and a major player in the global market, is making headlines once more with a game-changing update. Despite recent dips in value, the meme coin remains resilient, defying market norms by maintaining its upward climb above the critical resistance level of $0.00002315.
Driving this surge is an astounding 1009% increase in Shiba Inu’s burn rate, announced in the past 24 hours, resulting in the destruction of 29.11 million SHIB tokens. This significant uptick in the burn rate is aimed at boosting SHIB’s economic fundamentals, focusing on its token distribution and reducing its supply.
A Whopping 1009% surge!
Despite the dramatic increase in burn rate, SHIB’s price trajectory remains on the rise, following broader market trends. Today, SHIB crossed the $0.000025 mark once again, sparking investor interest in its future potential.
Despite wallets selling off 211 billion coins in the past day, Shiba Inu has shown remarkable resilience.
Coinglass has reported SHIB liquidations totaling $90.39K, indicating reduced selling pressure and adding intrigue to SHIB’s story.
Read Now: ChatGPT Predicts A 2x Surge in SHIB Price With This Breakout
Shibarium Upgrade Impact
Meanwhile, the Shiba Inu crypto community also recently had a hard fork upgrade for Shibarium, which promises much faster transactions and gas fees that are “predictable for everyone.” A hard fork upgrade implies splitting an existing blockchain in two, with the old one getting left behind and the new one going forward. This upgrade cannot be reversed.
Notably, a post-BTC-halving rally, in which altcoins follow the BTC’s uptrend, might also result in impressive gains for Shiba Inu.
Lucie’s Call to Action
Lucie, Shiba Inu’s marketing lead, emphasized the importance of community involvement in SHIB burns, highlighting that developers and Shytoshi Kusama are not the primary drivers behind burns.
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