{"id":539235,"date":"2023-06-23T04:00:01","date_gmt":"2023-06-23T04:00:01","guid":{"rendered":"https:\/\/uniquehot.com\/?p=539235"},"modified":"2024-06-11T07:48:21","modified_gmt":"2024-06-11T07:48:21","slug":"shiba-inu-burn-surges-over-6000-as-shib-price-continues-uptrend","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/shiba-inu-coin\/shiba-inu-burn-surges-over-6000-as-shib-price-continues-uptrend\/","title":{"rendered":"Shiba Inu Burn Surges Over 6,000% As SHIB Price Continues Uptrend"},"content":{"rendered":"<p>The recent surge in the Shiba Inu token burn has impacted the SHIB market again. Within 24 hours, over 341 million SHIB tokens were <a href=\"https:\/\/www.shibburn.com\/\" target=\"_blank\" rel=\"noopener nofollow\">destroyed<\/a>, sending the burn rate skyrocketing by roughly 6,936%. This development has bolstered the price of the popular meme coin as it continues an upward trajectory.<\/p>\n<p>The <a href=\"https:\/\/uniquehot.com\/news\/shiba-inu-ai-meme-token-partners-with-shibarium\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">Shiba Inu<\/a> community, affectionately known as the SHIB Army, has since been consistent in its token-burning efforts, a move that has significantly influenced the SHIB market dynamics. The burning process, which involves sending tokens to an unusable address, effectively takes them out of circulation, reducing supply and increasing scarcity.<\/p>\n<h2 class=\"selectable-text copyable-text iq0m558w\" dir=\"ltr\"><span class=\"selectable-text copyable-text\">A Record Token Burn<\/span><\/h2>\n<p><span class=\"selectable-text copyable-text\">Among the transactions contributing to this burn rate, address \u201c0xcf6\u201d took the lead, accounting for nearly 252.8 million SHIB tokens dispatched to a dead wallet, as per <a href=\"https:\/\/etherscan.io\/tx\/0x81745e9862bb7a40ce857152f5869b5e0d76a8a07c2643a66321435d619bb1d4\" target=\"_blank\" rel=\"noopener nofollow\">data<\/a> from etherscan.io. The acceleration of the token burn represents a community effort, with 341 million SHIB tokens destroyed in a mere five transactions within a single day.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/shiba-inu\/shib-jumps-by-14-in-a-single-day-as-shiba-inu-worldpaper-gets-closer\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">SHIB Jumps By 14% In A Single Day, As Shiba Inu \u201cWorldpaper\u201d Gets Closer<\/a><\/div>\n<p><span class=\"selectable-text copyable-text\">This amount nearly equals 377 million SHIB tokens <a href=\"https:\/\/twitter.com\/shibburn\/status\/17488897?s=20\" target=\"_blank\" rel=\"noopener nofollow\">burned<\/a> the previous week. Given supply and demand dynamics, this significant reduction in circulating SHIB tokens contributes to a higher token value in the long run. <\/span><\/p>\n<p><span class=\"selectable-text copyable-text\">Notably, the impact was swiftly observed in the price of Shiba Inu, which <a href=\"https:\/\/uniquehot.com\/shiba-inu\/shib-jumps-by-14-in-a-single-day-as-shiba-inu-worldpaper-gets-closer\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">recorded a gain<\/a> of 5.6% in the past 24 hours and nearly 20% over the past seven days.<\/span><\/p>\n<p><span class=\"selectable-text copyable-text\">The <a href=\"https:\/\/uniquehot.com\/shiba-inu\/shiba-inu-burn-rate-surges-price-continues-in-red\/\" target=\"_blank\" rel=\"noopener \">burn surge<\/a> and its subsequent positive impact on the Shiba Inu price highlight the community&#8217;s power and commitment to their chosen crypto. While some critics <a href=\"https:\/\/markets.businessinsider.com\/news\/currencies\/big-short-michael-burry-shiba-inu-crypto-meme-token-pointless-2021-10\" target=\"_blank\" rel=\"noopener nofollow\">dismiss meme coins like SHIB<\/a> as lacking intrinsic value, the SHIB Army&#8217;s dedication and market dynamics seem to drive the price upward.<\/span><\/p>\n<h2>Shiba Inu Continues Uptrend<\/h2>\n<p>The SHIB token price has increased in the past few days, with the meme coin breaking multiple resistance levels. SHIB is trading at <span class=\"selectable-text copyable-text\">$0.00000791<\/span>, up 19.6% over the past week. The token currently has a market capitalization of $4.6 billion, making it the <a href=\"https:\/\/uniquehot.com\/shiba-inu\/shiba-inu-becomes-14th-largest-cryptocurrency-as-bull-rally-heats-up\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">16th largest cryptocurrency by market cap<\/a>.<\/p>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/mptR5iKM\/\" alt=\"Shiba Inu (SHIB) price chart on TradingView\" width=\"2770\" height=\"1556\"><figcaption class=\"wp-caption-text\">Shiba Inu (SHIB) price is moving sideways on the 4-hour chart. Source: SHIB\/USDT on <a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=BINANCE%3ASHIBUSDT\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<p>SHIB&#8217;s daily trading volume has also significantly moved in the past 7 days. Shiba Inu volume has surged from as low as $98 million last Thursday to as high as $300 million in the past 24 hours.<\/p>\n<p>The uptrend in the <a href=\"https:\/\/uniquehot.com\/news\/shiba-inu-price-sluggish-is-it-a-good-time-to-invest-or-cut-losses\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">SHIB token price<\/a> can be attributed to the overall bullish sentiment in the cryptocurrency market. Bitcoin, the leading cryptocurrency by market cap, has been in an upward trend, positively impacting the prices of other cryptocurrencies, including SHIB.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/shiba-inu\/shiba-inu-becomes-14th-largest-cryptocurrency-as-bull-rally-heats-up\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">Shiba Inu Becomes 14th Largest Cryptocurrency As Bull Rally Heats Up<\/a><\/div>\n<p>It is worth noting that the\u00a0<span class=\"selectable-text copyable-text\">recent burn surge again sheds light on an essential aspect of tokenomics, the study of the economic systems related to cryptocurrency tokens. With less SHIB available, the token\u2019s scarcity increases, theoretically increasing the token&#8217;s value over time.<\/span><\/p>\n<p>Featured image from Shutterstock, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The recent surge in the Shiba Inu token burn has impacted the SHIB market again. Within 24 hours, over 341 million SHIB tokens were destroyed, sending the burn rate skyrocketing by roughly 6,936%. This development has bolstered the price of the popular meme coin as it continues an upward trajectory. The Shiba Inu community, affectionately known as the SHIB Army, has since been consistent in its token-burning efforts, a move that has significantly influenced the SHIB market dynamics. The burning process, which involves sending tokens to an unusable address, effectively takes them out of circulation, reducing supply and increasing scarcity. A Record Token Burn Among the transactions contributing to this burn rate, address \u201c0xcf6\u201d took the lead, accounting for nearly 252.8 million SHIB tokens dispatched to a dead wallet, as per data from etherscan.io. The acceleration of the token burn represents a community effort, with 341 million SHIB tokens destroyed in a mere five transactions within a single day. Related Reading: SHIB Jumps By 14% In A Single Day, As Shiba Inu \u201cWorldpaper\u201d Gets Closer This amount nearly equals 377 million SHIB tokens burned the previous week. Given supply and demand dynamics, this significant reduction in circulating SHIB tokens contributes to a higher token value in the long run. Notably, the impact was swiftly observed in the price of Shiba Inu, which recorded a gain of 5.6% in the past 24 hours and nearly 20% over the past seven days. The burn surge and its subsequent positive impact on the Shiba Inu price highlight the community&#8217;s power and commitment to their chosen crypto. While some critics dismiss meme coins like SHIB as lacking intrinsic value, the SHIB Army&#8217;s dedication and market dynamics seem to drive the price upward. Shiba Inu Continues Uptrend The SHIB token price has increased in the past few days, with the meme coin breaking multiple resistance levels. SHIB is trading at $0.00000791, up 19.6% over the past week. The token currently has a market capitalization of $4.6 billion, making it the 16th largest cryptocurrency by market cap. SHIB&#8217;s daily trading volume has also significantly moved in the past 7 days. Shiba Inu volume has surged from as low as $98 million last Thursday to as high as $300 million in the past 24 hours. The uptrend in the SHIB token price can be attributed to the overall bullish sentiment in the cryptocurrency market. Bitcoin, the leading cryptocurrency by market cap, has been in an upward trend, positively impacting the prices of other cryptocurrencies, including SHIB. Related Reading: Shiba Inu Becomes 14th Largest Cryptocurrency As Bull Rally Heats Up It is worth noting that the\u00a0recent burn surge again sheds light on an essential aspect of tokenomics, the study of the economic systems related to cryptocurrency tokens. With less SHIB available, the token\u2019s scarcity increases, theoretically increasing the token&#8217;s value over time. Featured image from Shutterstock, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":515212,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[92559],"tags":[134,6664,85699,83668,83667,84558],"class_list":["post-539235","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shiba-inu-coin","tag-altcoin","tag-crypto","tag-memecoin","tag-shib","tag-shiba-inu","tag-shibusdt"],"acf":[],"yoast_head":"\n<title>Shiba Inu Burn Surges Over 6,000% As SHIB Price Continues Uptrend<\/title>\n<meta name=\"description\" content=\"The recent surge in Shiba Inu token burns has left the SHIB market once again impacted. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). 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Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.\",\"sameAs\":[\"https:\/\/x.com\/0xEdyme\"],\"url\":\"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/\"}]}<\/script>\n","yoast_head_json":{"title":"Shiba Inu Burn Surges Over 6,000% As SHIB Price Continues Uptrend","description":"The recent surge in Shiba Inu token burns has left the SHIB market once again impacted. Within 24 hours, over 341 million SHIB tokens...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/uniquehot.com\/news\/shiba-inu-coin\/shiba-inu-burn-surges-over-6000-as-shib-price-continues-uptrend\/","og_locale":"en_US","og_type":"article","og_title":"Shiba Inu Burn Surges Over 6,000% As SHIB Price Continues Uptrend","og_description":"The recent surge in Shiba Inu token burns has left the SHIB market once again impacted. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Shiba Inu Burn Surges Over 6,000% As SHIB Price Continues Uptrend","url":"http:\/\/uniquehot.com\/news\/shiba-inu-coin\/shiba-inu-burn-surges-over-6000-as-shib-price-continues-uptrend\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/shiba-inu-coin\/shiba-inu-burn-surges-over-6000-as-shib-price-continues-uptrend\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/SHIB-Shibarium.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/SHIB-Shibarium.jpg?fit=350%2C250"},"articleSection":"Shiba Inu Coin","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoin","crypto","memecoin","shib","shiba inu","shibusdt"],"dateCreated":"2023-06-23T04:00:01Z","datePublished":"2023-06-23T04:00:01Z","dateModified":"2024-06-11T07:48:21Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Shiba Inu Burn Surges Over 6,000% As SHIB Price Continues Uptrend\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/shiba-inu-coin\\\/shiba-inu-burn-surges-over-6000-as-shib-price-continues-uptrend\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/shiba-inu-coin\\\/shiba-inu-burn-surges-over-6000-as-shib-price-continues-uptrend\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/SHIB-Shibarium.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/SHIB-Shibarium.jpg?fit=350%2C250\"},\"articleSection\":\"Shiba Inu Coin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoin\",\"crypto\",\"memecoin\",\"shib\",\"shiba inu\",\"shibusdt\"],\"dateCreated\":\"2023-06-23T04:00:01Z\",\"datePublished\":\"2023-06-23T04:00:01Z\",\"dateModified\":\"2024-06-11T07:48:21Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/SHIB-Shibarium.jpg?fit=350%2C250","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/539235"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=539235"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/539235\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/515212"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=539235"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=539235"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=539235"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}