• SHIB rises 9% as token burn increases

  • While the broader cryptocurrency market recovers from last week’s selloff, meme coin Shiba Inu (SHIB) is up more than 9% today and has reached a weekly high.

    According to CoinMarketCap data, SHIB, the 12th-largest cryptocurrency, has a market capitalization of $8.01 billion and is currently trading at around $0.00001439.

    SHIB’s price increase is primarily due to a spike in the token’s burn rate earlier this week, as well as expectations surrounding the launch of Shibarium (a layer-2 blockchain to be launched by Shiba Inu).

    According to Shibburn data, nearly 110 million SHIB tokens have been burned in the last 24 hours, accounting for 40% of the total SHIB supply.

    Shibaswap, the popular DEX launched by the Shiba team, has also seen an increase in user base, according to Dune Analytics data.

    Shibaswap received 145,661 interactions on August 25, setting a new all-time high for the metric.

    Trading volumes have also increased by 61% in the last 24 hours. SHIB is down 1.68% on a weekly basis following today’s bullish price movement.

    Despite today’s explosive price movement, SHIB is still down more than 80% from its all-time high of $0.00008845 in October 2021, according to CoinMarketCap data.

    According to Coinglass data, over $1.2 million in SHIB trades have been liquidated in the last 24 hours, primarily from short positions.

    According to Etherscan data, the total number of SHIB addresses has increased by 0.023% in the last 24 hours to just over 1.211 million.

    SHIB is followed by DOGE.

    Dogecoin (DOGE), the leading meme coin, is also up 2.4% in the last 24 hours. DOGE saw a 37% increase in daily trading volume and now trades at around $0.070, according to CoinMarketCap data.

    DOGE is the tenth-largest cryptocurrency, with a market capitalization of $9.3 billion.

    Despite today’s substantial gains, DOGE is still down more than 90% from its all-time high of $0.7376 in May 2021, according to CoinMarketCap data.

    According to Coinglass data, over $1.1 million in DOGE trades have been liquidated in the last 24 hours. The vast majority of liquidations resulted from blown-out short positions.

    Following last week’s bloodbath, the broader crypto market is bullish this week. Bitcoin (BTC), the leading cryptocurrency, has gained around 0.6% in the last 24 hours and is currently trading at around $21,600.

    As its much-anticipated merger approaches, Ethereum (ETH) has gained nearly 3% in the last 24 hours to trade at $1,700, according to CoinMarketCap data.

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