Home Markets SHIB Up 4.5%, Defying Broader Crypto Market Crash

SHIB Up 4.5%, Defying Broader Crypto Market Crash

SHIB Up 4.5%, Defying Broader Crypto Market Crash

As the broader crypto market remains in the doldrums following the salesome cryptocurrencies are challenging the downtrend.

Among them is the coin itself shiba inus (SHIB), which is up around 4.5% on the day and more than 7% on the week, and is currently trading at $0.0000135, per CoinMarketCap.

SHIB’s bullish price action follows a spike in the token’s burn rate earlier this week. Holders burned just under 15,000,000 SHIB on August 17, which rose to over 180,000,000 on August 18, according to the Shib Burn Tracker— a jump of more than 1,100%. However, the surge appears to have been short-lived; by another tracker, ShibBurnthe token consumption rate has declined by more than 90% in the last 24 hours.

The SHIB token burning mechanism was introduced in April, with the aim of reducing the circulating supply of the token; SHIB holders who burn their tokens receive a yield-generating token, burntSHIB, which pays out rewards in RYOSHI, another ERC-20 token.

Source: ShibaBurnTracker

Doge’s Days

The dog-themed Shiba Inu rival coin, Dogecoinhas succeeded less good in the middle of the stock market crash; although it was up 0.9% on the day, it has fallen around 3.7% over the past seven days.

Dogecoin benefited from a brief push following the release of Dogechaina blockchain network that allows holders to create a wrapped version of the coin to use in Challenge apps.

However, the market had other ideas, with the two biggest cryptocurrencies, Bitcoin and Ethereumcrashing as traders liquidated their positions later in the week.

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