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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Shiba Inu Becomes 14th Largest Cryptocurrency As Bull Rally Heats Up

Best Owie
Best Owie
1 year ago
3 mins read
Shiba Inu

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Shiba Inu has been able to reclaim its position as the 14th largest cryptocurrency in the market following a tremendous run. The meme coin has mirrored the general market sentiment and has been able to embark on an upward rally that has seen it rise double-digits in the last two days.

The recovery in SHIB’s price is partly attributed to the fact that Bitcoin was able to clear the $30,000 else on Wednesday. However, on its own, the digital asset has also seen some developments that have contributed to the bullish sentiment among community members, leading to more buying activity compared to the sellers.

Shiba Inu Burn Ramps Up

The Shiba Inu burn has been in motion for about two years now as community members work toward reducing the number of total SHIB tokens in circulation. The first significant burn was that of Ethereum founder Vitalik Buterin which saw him burn around half of the total supply sent to him, leading to a massive rally.

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After this, the Shiba Inu community burn was implemented to burn more tokens. Over time, the burn has caught on and now SHIB tokens are being sent to the burn address on a daily basis and the past day was no exception.

In the last day, Shibburn, a website dedicated to tracking the number of tokens burned, reported that over 341.5 million tokens were burned across five transactions. The majority of the burn was from two addresses with one wallet burning 252,873,213 tokens and the other carrying a total of 84,405,747 tokens.

In the past 24 hours, there have been a total of 341,504,230 $SHIB tokens burned and 5 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more.

— Shibburn (@shibburn) June 22, 2023

Giving SHIB The Boost It Needs

The last 24 hours have been especially good for the meme coin given that not only did its token burn ramp up but its price also saw a significant acceleration in the right direction. Just like the rest of the crypto market, SHIB’s price turned green and saw an over 10% increase in a single day.

Shiba Inu price chart from TradingView.com

SHIB price recovers above $0.000008 | Source: SHIBUSD on TradingView.com

On the weekly chart, the meme coin has performed splendidly as data from Coinmarketcap shows that Shiba Inu’s price is up more than 22% already. This boost in price saw the market cap of the digital asset rise above $4.7 billion, putting it ahead of Toncoin (TON) and allowing it to reclaim its position as the 14th largest cryptocurrency in the market.

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Further good news for the meme coin is that its price is now sitting above the 20-day moving average, which paints a bullish picture for it in the short term. However, its long-term outlook is bleaker as the cryptocurrency is still firmly below its 50-day and 100-day moving averages.

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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