Shiba Inu (SHIB), the second-largest dog-themed cryptocurrency by market cap, has experienced growth of over 18% in the last 7 days.
SHIB’s Burn Rate Drops Significantly
However, the past 24 hours have seen a drop in its price, with a decline of roughly 4% and a trading value of $0.000014. In the past 30 days, the meme coin has risen by over 65% as the total crypto market cap surpassed the $1 trillion mark.
Along with the drop in price, SHIB’s burn rate has also taken a significant hit. In the past 24 hours, only $2.85 worth of shiba inu tokens (205,000 SHIB) were burned.
Data from SHIB BURN shows that over 410 trillion shiba inu coins have been removed from its initial supply since its creation in 2020.
Meme Coin Market Performance
The memecoin market capitalization has reached $21.54 billion with a 2% dominance in the global crypto market cap. DOGE and SHIB account for nearly $19.7 billion of the total value of memecoins. While both DOGE and SHIB have seen a downward movement in the past 24 hours, some crypto signals suggest the possibility of a bullish momentum.
Recommended reading: 5 Tips for Beginner Bitcoin Traders
(Image credit: logll.com)
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Frequently Asked Questions
FAQ:
❓ 1. What is Shiba Inu (SHIB)?
Shiba Inu (SHIB) is a dog-themed cryptocurrency that was created in 2020. It is the second-largest meme-based cryptocurrency by market capitalization, and operates as a decentralized platform that enables the transfer of value through blockchain technology.
Like many other cryptocurrencies, SHIB can be bought, sold, and traded on various exchanges, and its value is determined by market demand and supply.
✔️ 2. What determines the value of Shiba Inu (SHIB)?
The value of Shiba Inu (SHIB) is determined by market demand and supply, just like any other cryptocurrency. It's important to note that cryptocurrency prices are highly volatile and can fluctuate rapidly in short periods of time.
The value of SHIB can be influenced by various factors, including adoption, overall market sentiment, governmental regulations, and macroeconomic events.
🚀 3. What is the burn rate of Shiba Inu (SHIB)?
The burn rate of Shiba Inu (SHIB) refers to the rate at which tokens are being removed from its total supply. This can happen through a variety of methods, including token burns (permanent removal of tokens), token buybacks (purchase and removal of tokens), or token redistribution (transfer of tokens to a wallet with limited or no ability to sell).
The burn rate of SHIB can affect its price and scarcity, as a lower supply leads to a higher demand and a potentially higher price
👉 4. What is the current status of the memecoin market?
The current status of the memecoin market is constantly evolving and subject to change. At the time of writing, the total memecoin market capitalization is estimated to be around $21.54 billion, with DOGE and SHIB accounting for nearly $19.7 billion of the total value.
While both DOGE and SHIB have seen a downward movement in the past 24 hours, some crypto signals suggest the possibility of a bullish momentum. It's important to keep in mind that the cryptocurrency market is highly volatile, and past performance is not indicative of future results.
🤠 5. Is it safe to invest in Shiba Inu (SHIB)?
Investing in any cryptocurrency, including Shiba Inu (SHIB), comes with inherent risks and uncertainty. The cryptocurrency market is highly volatile, and the value of your investment can fluctuate rapidly.
Before making an investment, it's important to conduct thorough research and consider your own risk tolerance and investment goals. It's also advisable to consult with a financial advisor to ensure that any investment decision aligns with your overall financial strategy.
