A surge of approximately 48% is seen in the Shiba Inu burn rate in the past 24 hours. The data from SHIBBURN states that in the past 24 hours, 87,190,236 SHIB coins have been eroded from circulation.
Most of the SHIB coins have been transferred to dead wallets, and in the past week, 331,463,108 SHIB coins have been burned or transferred to dead wallets.
According to TradingView, Shiba Inu lost 6.86% of its trading price in weekly trading format and 7.74% of its value in a month. When writing, the SHIB coin was trading at $0.00000679 with an intraday decline of 1.59%.
Despite Shiba Inu, several other tokens, such as GALA, THORChain, Apecoin, Ethereum, and DogeCoin declined following the volatility in the entire crypto market. The weekly loser till the time of writing is the RUNE token, which has lost over 18% of its trading value.
Among all memecoins, the DOGSROCK coin price rose more than 130% in a week, followed by CAPO, which surged 74.41%, AGB coin surged 40%, and PEPE added 19% to its trading price.
An on-chain data source reveals that Shiba Inu investors have transferred over 1 Trillion assets into cryptocurrency exchanges in the past few days. The sudden shifting started on October 8, a day before SHIB’s price fell significantly.
Major Loser in Memecoin Category
In the entire memecoin category, Dogecoin holds the foremost rank, followed by Shiba Inu, Pepecoin, Bone ShibaSwap, Floki, Baby Doge Coin, Wall Street Memes, and Dogelon Mars.
The list of weekly losers of the memecoin category was topped by JEDI Coin, which lost 94.17% of its value, followed by HairyPlotterFTX, Simpson6900, HarryPotterObamaPacMan8Inu, and GM Wagmi.
As of press time, there are approximately 1270 memecoin in the entire crypto community, and there are possibilities of a surge in registration of memecoin projects by the end of 2023.
The memecoin community has an overall market capitalization of $13,610,199,985; a surge of 0.26% is seen in the market cap. However, the trading volume of the entire memecoin community is $436,001,582, and it rose 11.3% in the past 24 hours.
The entire crypto market volume over the last 24 hours is $25.42 Billion, resulting in a decline of 0.30%. The overall trading volume in Decentralized Finance (DeFi) is $1.97 Billion, 7.75% of the total crypto market’s 24-hour volume (press time).
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/10/12/shiba-inu-burn-rate-rose-48-why-is-shib-price-struggling/