SHIB Defies Crypto Market Slump

SHIB Defies Crypto Market Slump, Jumps 4.5%

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– Cryptocurrency Shiba Inu (SHIB) is up by around 4.5% on the day and over 7% on the week, and is currently trading at $0.0000135, per CoinMarketCap.
– SHIB’s upwards 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 increased to over 180,000,000 on August 18, according to the Shib Burn Trackeran jump of over 1,100%.
– However, the surge appears to have been short-lived; per another tracker, ShibBurn, the token burn rate has retraced by over 90% in the past 24 hours.
– The SHIB token burn mechanism was introduced in April, in a bid to reduce the token’s circulating supply; SHIB holders who burn their tokens receive a yield-generating token, burntSHIB, which pays out rewards in RYOSHI, another ERC-20 token.
– Dogecoin’s rival dog-themed meme coin, Dogecoin, has fared less well amid the market crash; although it’s up by 0.9% on the day, it’s slipped by around 3.7% over the past seven days.
– Dogecoin enjoyed a brief surge following the release of Dogechain, a blockchain network that enables holders to create a wrapped version of the coin for use in DeFi applications.

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