Advertisement
AD

Main navigation

Advertisement

Shiba Inu Celebrates Festival of Fire With Hundreds of Millions of SHIB Burned

Advertisement
Wed, 16/08/2023 - 8:44
Shiba Inu Celebrates Festival of Fire With Hundreds of Millions of SHIB Burned
Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

The Shiba Inu community is ablaze with excitement as the network celebrates its very own "Festival of Fire." This event has seen a significant surge in network activity, with over 200 million Shiba Inu tokens being burned. Such a massive token burn is not just symbolic; it has real implications for the token's value and scarcity.

Advertisement

Following this burn, the Shiba Inu token witnessed a rapid price increase on the market, gaining more than 35% since the beginning of its local recovery. This bullish trend is not just a random occurrence but a testament to the recovery of the old school meme coin market.

Article image
Source: TradingView

Diving deeper into the price performance, the past month has been a roller coaster for Shiba Inu. Starting from July 1, 2023, the token was trading at a modest $0.0000075. However, as the month progressed, especially after the Festival of Fire, the token saw a steady rise, peaking at $0.00001 on Aug. 11, 2023. This represents a significant jump and showcases the positive market sentiment around Shiba Inu.

Related

Advertisement

However, like all cryptocurrencies, Shiba Inu was not immune to market corrections. After reaching its peak, there was a slight dip, with the token trading at $0.00001 on August 13, 2023. While this might seem like a minor correction, it is essential to understand that such fluctuations are typical in the crypto world, especially after a significant price surge.

The Festival of Fire and the subsequent token burn have undoubtedly played a pivotal role in Shiba Inu's recent price performance. Such events not only reduce the token's supply, making it rarer and potentially more valuable, but they also generate buzz and excitement in the community, driving further adoption and investment.

A
A
A

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD