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Why Is Shiba Inu Soaring This Week?

August 10, 2021 3:42 am
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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.

Shiba Inu got listed on popular retail broker eToro's platform late last month.

Notably, in May, Ethereum co-founder Vitalik Buterin burned 410 trillion SHIB and donated trillions more for COVID-19 relief after coming into posession of 505 trillion SHIB involuntarily.

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.

Read Next: EXCLUSIVE: Game Where You Can Earn Dogecoin By Catching 'Dogemons' Coming Soon On iOS, Android Devices

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