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Shiba Inu Pumps 13%, Dethroning Rival Dogecoin In One Important Trading Metric With 'Burns Incoming'

Published 08/03/2024, 21:44
Updated 08/03/2024, 23:10
© Reuters. Shiba Inu Pumps 13%, Dethroning Rival Dogecoin In One Important Trading Metric With 'Burns Incoming'

Benzinga - Shiba Inu (CRYPTO: SHIB) continued its upward trajectory with a 13% gain in Friday's trading session, fueled by hints from the community about potential token burns and increasing meme coin adoption.

What Happened: Lucie, the marketing strategist of the Shiba Inu community, recently highlighted that 40 Ethereum had been collected for burning, hinting at "SHIB burns incoming."

This news came after a pause in SHIB burns since January, with five burns conducted so far, incinerating a total of 43 billion SHIB tokens. The latest burn occurred on Jan. 9, when 9.35 billion tokens were destroyed.

Lucie responded to community inquiries about the status of future burns on X.

Also Read: Shiba Inu Slingshots Back Into The Top 10 With 50% Explosion, Surpasses Dogecoin In Trading Volume

Price Action: In the last 24 hours, Shiba Inu surged 13%, accompanied by robust trading volumes reaching $5.3 billion. The numbers exceed those of its rival Dogecoin (CRYPTO: DOGE), with $3.97 billion in trading volumes and an 8% price increase.

Why It Matters: According to IntoTheBlock data, Shiba Inu is attracting 8,400 new addresses daily, with single-day peaks of 21,000 new addresses. This marks a 20x increase over its February daily average, indicating growing interest and adoption of the token.

Shiba Inu's BONE token, despite being a recent addition, received significant support from the community. It was voted fourth in a poll for listing on Binance Futures in USDⓈ-M, ranking behind two crypto AI tokens and the meme coin Baby Doge coin.

BONE serves as a transaction fee within the Shiba Inu ecosystem and enables validators to stake and participate in the network.

What’s Next: Shiba Inu's lead, known as Shytoshi Kusama, retweeted a post by crypto investor Jake Gagain predicting that "$SHIB will reach 100 Billion This Cycle." This led to speculation and excitement within the community.

In a recent TikTok video, Davinci Jeremie mentioned selling his Cardano for Shiba Inu, adding to the buzz around SHIB:

Investors and the crypto community are eagerly awaiting the details of the burn mechanism and its potential impact on Shiba Inu's price.

With bullish sentiment and growing adoption, many speculate about when the "Dogecoin Killer" will surpass the original.

Read Next: Dogecoin, Shiba Inu Welcome Dogwifhat In $2B Market Cap Club: Why Do Dogs Dominate Cats in Crypto?

Photo: Shutterstock

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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