Despite Burn Rate Dip, Shiba Inu Emerges as Coin of the Day

Despite Burn Rate Dip, Shiba Inu Emerges as Coin of the Day

Shiba Inu (SHIB), a well-known meme coin, was chosen as the “Coin of the Day” by well-known crypto analytics company LunarCrush on Sunday, May 14. According to a tweet from the company, SHIB won because of its “leading combined social + market performance.” The well-known dog-themed cryptocurrency project received a Galaxy Score of 45/100 and an AltRank of 434/4389.

The Shiba Inu (SHIB) token’s popularity cannot be disputed. In listing polls, the token or one of its progeny tokens frequently takes first place. A vote was recently held on the Twitter feed of a cryptocurrency exchange called Tarmex. The company surveyed its users and followers to find out which token they would like to see listed on the network. The Shiba Inu offspring token BONE received the most votes. According to the survey, Tarmex will shortly list BONE and BabyDoge.

Since Shibarium, the future layer-2 network from SHIB, will employ BONE as its governance token, BONE has recently gained prominence. Shibarium could debut by June or August, according to head developer Shytoshi Kusama, even though the company has not yet provided an official launch date.

Related Reading: AI Platform to Burn Trillions of Shiba Inu Tokens Annually

Shiba Inu Burn Rate is Down by 69.48%

The total number of SHIB tokens burned last week was 1.74 billion, according to Shibburn, the burn tracker for SHIB. The burning also happened over the course of 20 transactions. However, this week saw a 69.48% decline in burns. 3.48 billion SHIB coins were transferred in total last week to the burn wallet. 

Despite being a substantial component of the Shiba Inu (SHIB) ecosystem, Burns has rarely contributed to favorable price action. However, Shibarium is expected to significantly boost SHIB’s burn rate, which might cause the asset’s price to change rapidly. 

Although the burn rate for SHIB is down by 11.21%, Shiba Inu’s current live price is $0.000009, and its 24-hour trading volume is $96,293,266. Shiba Inu has increased by 0.80% over the past day. 

Shiba Inu is up 0.80% in 24 hours. Source: Coinmarketcap

Read Also: Integrating Shiba Inu (SHIB) Payments: Alpha Topup Push to Reach 150 Million Users

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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