Shiba Inu Mania: Price Surges 60% As Burn Rate Heats Up Over 22,000%

Christian Encila

1 year ago

3 mins read

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Shiba Inu (SHIB), the self-proclaimed “Dogecoin Killer,” has the crypto world buzzing once again. This meme coin, forever linked to the adorable Shiba Inu dog breed, has witnessed a meteoric rise in both price and burn rate, igniting a passionate fire within its devoted “Shiba Army” community.

But beneath the current frenzy lies a crucial question: can Shiba Inu transform itself from a playful pup into a respected player in the ever-evolving cryptocurrency game?

Shiba Inu Burns Bright: Can It Melt The Ice Of Skepticism?

The recent surge stems from a staggering 22,432% increase in the burn rate over a 24-hour period, according to Shibburn, a platform dedicated to tracking SHIB transactions. This translates to a colossal 14 billion SHIB tokens being sent to a “dead wallet,” effectively removing them from circulation.

Proponents hail this decrease in supply as a catalyst for long-term price appreciation, echoing the basic economic principle of scarcity driving demand.

Source: Shibburn

However, seasoned crypto veterans remain cautious. The dramatic rise is based on data from a limited timeframe (one week, one day), and the cryptocurrency market is infamous for its hair-trigger volatility.

This rapid price increase could very well be a bubble on the verge of bursting, leading to a sharp correction. Additionally, the “meme coin” label itself carries a certain stigma. Meme coins, often lighthearted parodies, tend to be more speculative and prone to wild price swings compared to established cryptocurrencies with underlying utility.

SHIB market cap currently at $20 billion. Chart: TradingView.com

Shiba Army Marches On

Despite the skepticism, the Shiba Inu community, affectionately known as the “Shiba Army,” pulsates with unwavering enthusiasm. They’ve been instrumental in the burning initiative, actively contributing to the surge.

Furthermore, recent hints from Kusama, the lead developer of Leash (another token within the Shiba Inu ecosystem), regarding a potential token burn have further stoked the flames of community spirit. This dedicated fanbase is a powerful force, capable of influencing market sentiment and potentially propelling the price upwards.

A Look Beyond The Hype

The future of Shiba Inu remains shrouded in uncertainty. The short-term outlook appears bullish, with some analysts predicting a surge towards $0.0001. However, long-term sustainability hinges on several crucial factors.

The success of Shibarium, the upcoming layer-2 blockchain specifically designed for SHIB, will be a major determining factor. Furthermore, developing real-world use cases that extend beyond mere speculation is essential for Shiba Inu to shed its meme coin label and establish itself as a serious contender in the ever-evolving cryptocurrency landscape.

Featured image from Nguyen Duc Khoi/Unsplash, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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