Shiba Inu chips soar 40% as team continues massive chip burn. After suffering a selloff that saw the price of bitcoin dip below $17,000, the queen cryptocurrency is now recovering to hit $21,000.
Bitcoin price today is $21,497.40 with a 24-hour trading volume of US$33,593,846,614. Bitcoin is up 3.86% in the past 24 hours. The current market capitalization stands at $410,026,889,460.
Many other top crypto assets are also following the example of bitcoin, which turns into a green candle.
Notably, Celsius which gained more than 100% from $0.5 to around $1.3 earlier today. $WAVES also sees a 40% increase from $4.62 to $7.19.
Shiba Inu Price Action
The Shiba Inu token is also seeing a massive uptick. The Shiba Inu live price today is $0.000011 with a 24-hour trading volume of $889,368,474. Shiba Inu is up 29.14% in the past 24 hours. The current market capitalization stands at $5,806,262,971 with a circulating volume of 549,063,278,876,302 SHIB coins.
This represents an increase of approximately 40%, from $0.000007 to $0.000011, canceling out another zero in its price value.
SHIB overtook Ethereum and Cardano to take second place as the fastest growing asset in the past 24 hours, according to coingecko. The allure of small-cap, low-liquidity assets, which tend to yield higher returns during short-term market rallies, could be the main cause for such rapid growth.
Regular Token Burning by Shiba Inu
Over the months, the Shiba Inu team pledged to burn more tokens to reduce the circulating supply. This of course increases the value of the asset.
Travis Johnson, a game developer and owner of an online store where he sells his mobile games and SHIB-branded merchandise, tweeted that he burned nearly 70 million meme coins during his usual burn of the sunday.
The store was chosen for an Amazon Affiliate Program over a month ago, which allowed the purchase of SHIB, the use of commissions, and subsequently the addition of these tokens to the pot of general burning. A figure of over 2.25 billion meme tokens have been collected to be burned.
We have now been able to burn 2,257,736,799 SHIB since November, for a total amount of $55,000 USD.
Most of that burning was done with the price of SHIB 50% higher than it is today!
Let’s stay focused and do some major burning while we have the chance!https://t.co/ruQ5pMVFzb pic.twitter.com/N4EbR0Chve
— SHIB Super Store (@shib_superstore) June 20, 2022
Shiba Inus are purchased using a portion of the proceeds from advertisements for smartphone games and the sale of the merchandise and merchandising described above.
Overall, a total of 410,370,029,330,564 Shiba Inu Tokens have been burned from its initial supply with a burn rate of 191%, according to Shibburn.
In the past 24 hours, a total of $268,832,245 SHIB has been burned.
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