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.
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