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Web 3 Journalist
Tim Hakki
Web 3 Journalist
Tim Hakki
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Crypto’s second biggest doge-themed meme coin, the $12.6 billion Shiba Inu ($SHIB), has experienced a significant 2,133% surge in its burn rate, which coincided with a 10% increase in price.
The community says these burns are helping $SHIB keep its place among the best meme coins even as the top ten leaderboard gets a reshuffle.
A platform tracking SHIB burn transactions via Etherscan called Shibburn reveals six burns in the space of 24 hours between Thursday and Friday.
These transactions collectively removed 34,312,733 SHIB from circulation, a figure which accounts for the 2,133% increase in Shiba Inu’s burn rate metric.
A single transaction burned most of those tokens, transferring 31,483,015 $SHIB into a one-way blockchain wallet. Two other notable burns each removed 1,000,000 and 1,259,569 $SHIB from circulation.
The sharp burn rate increase highlights community efforts to increase scarcity by reducing $SHIB’s circulating supply to help drive its market value.
Shiba Inu Price Analysis – Where is SHIB Heading Next?
In the last 24 hours, Shiba Inu has fallen 9.6% down to $0.0000215.
Although these are the lightest intra-day losses by a Shiba Inu meme coin, all other leading Doge projects followed that ballpark, with Dogecoin ($DOGE) falling 10.1%, Bonk ($BONK) sinking 13.1%.
Moreover, technical indicators suggest Shiba Inu is about to rebound imminently.
Now, the token’s relative strength index (RSI) is 37 and rising up from below 30. This indicates $SHIB was recently oversold and meme coin traders are buying the dip to help push the price back up.
With some uncertainly remaining in the markets, it remains to be seen if bulls can send the SHIB price higher toward the red resistance line.
While Shiba Inu Itches For Another Rally, Flockerz Takes Flight
In spite of broadly falling crypto prices across the market, savvy investors are still bundling into the presale market, where they can buy in to new projects at potentially all-time-low (ATL) prices.
As a matter of fact, one project capturing imaginations right now is the new vote-to-earn (V2E) Flockerz ($FLOCK), a presale which started in early Autumn and has raised $9.2 million.
Touting itself as “The People’s Meme Coin,” Flockerz offers crypto fans unrivaled community-building incentives and staking rewards.
Holders of Flockerz (known as “The $FLOCK”) are members of a decentralized autonomous organization (DAO) called Flocktopia, where they can draft and vote on governance and improvement proposals.
This structure ensures community consensus dictates the decisions rather than an opaque centralized authority.
Additionally, some 25% of the project’s 12 billion $FLOCK meme coin supply is for staking, with the protocol offering stakes yield of 297% on the tokens they stake over a two-year period.
The Flock has a big reason to celebrate today!
Flockerz is a transparent and fully audited project. That’s why Coinsult audited its smart contract, to give investors peace of mind.
Furthermore, Flockerz is eyeing up listings on both centralized and decentralized exchanges (CEXs and DEXs), so it has global ambitions.
Join now. Follow Flockerz on X and Telegram.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
