Why Is Shiba Inu Soaring This Week?
Shiba Inu (CRYPTO: SHIB) soared nearly 21% for the week leading up to press time.
What’s Moving? The self-labeled Dogecoin (CRYPTO: DOGE) killer traded 21.01% higher over a seven-day trailing period.
Against larger cryptocurrencies — Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) — SHIB traded 0.97% and 1.45% lower respectively.
Over a 24 hour window, SHIB was up 4% at $0.0000076.
See Also: How To Buy Shiba Inu (SHIB)
Why Is It Moving? Recently, the decentralized meme token announced that its developers would be initiating a coin burn. A coin burn is a process through which tokens are removed from circulation thus decreasing the available supply.
NEW PAIRS ADDED + BURN!!!!
The Shiba Community asked for a BURN and #ShibaSwap DEVs have listened, and are delivering!
— Shib (@Shibtoken) August 7, 2021
Shiba Inu got listed on popular retail broker eToro's platform late last month.
In the same month, SHIB had touched an all-time high of $0.0000388, but as of press time trades 80.51% below those levels.
At press time, SHIB was among the most mentioned cryptocurrencies on Twitter Inc’s (NASDAQ:TWTR) social media platform.
SHIB Is trading higher amid a broader resurgence in cryptocurrencies, as well as meme tokens, with DOGE up 26.15% for the week.
Over 24 hours the veteran Shiba Inu-themed cryptocurrency rose 4.69% to $0.25.
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