SHIB Jumps 9% As Token Burn Intensifies
While the broader cryptocurrency market stages recovery after last week’s selloff, meme coin Shiba Inu (SHIB) has risen over 9% today and recorded a weekly high. SHIB, the 12th-largest cryptocurrency, has a market capitalization of $8.01 billion and currently trades at around $0.00001439, according to data from CoinMarketCap.
SHIB's upwards price action is primarily a result of a spike in the token's burn rate earlier this week, and expectations around the launch of Shibarium (a layer-2 blockchain to be launched by Shiba Inu). Nearly 110 million SHIB tokens have been burned over the past 24 hours, and 40% of the total SHIB supply has been burned to date, as per data from Shibburn. On Aug 25, 145,661 users interacted with Shibaswap, a new all-time high for the metric.
Source
@Doge_ShibaInu
