SHIB up 4.5%, defying broader crypto market bearish
SHIB Crypto Market Bearish
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SHIB up 4.5%, defying broader crypto market bearish
While the broader crypto market is still depressed after this week's selloff, some cryptocurrencies are defying the bearish trend. One of them is the meme coin Shiba Inu (SHIB), which is up about 4.5% on the day and more than 7% on the week, and is currently trading at $0.00000135.
SHIB's upward price action follows a spike in the token's burn rate earlier this week According to the Shib burn tracker, holders burned under 15,000,000 SHIB on August 17, which rose to over 180,000,000 on August 18—a jump of over 1,100%. However, this boom appears to be short-lived; According to Shib burn, another tracker, the token burn rate has exceeded 90% in the last 24 hours. The SHIB token burn mechanism was introduced in April to reduce the circulating supply of tokens.
SHIB holders who burn their tokens receive a yield-generating token, Burn SHIB, which pays out rewards in another ERC-20 token, RYOSHI. The Shiba Inu's rival dog-themed meme coin, Dogecoin, has fared less well amid the market crash; Although it gained 0.9% on that day, it has fallen by about 3.7% in the past seven days.
Dogecoin enjoyed a brief boom following the release of Doge chain, a blockchain network that enables holders to create a wrapped version of the coin for use in DeFi applications. However, there were other considerations in the market, with the two largest cryptocurrencies, Bitcoin and Ethereum, traders liquidating their positions later in the week.
A few cryptocurrency enthusiasts have expressed optimism over the recent release of Dogechain, a blockchain network that enables holders to create a wrapped version of the digital currency Dogecoin.