Shiba Inu (SHIB), the popular memecoin inspired by the adorable dog breed, is facing an uphill battle in regaining market momentum. Unlike its memecoin brethren like BREET, POPCAT, and MEW, which have enjoyed recent surges, SHIB’s price recovery has been sluggish.
SHIB Struggles To Find Traction
At the time of writing, SHIB has dipped 1.47% in the last 24 hours, currently trading at a lowly $0.00001337. This decline has pushed SHIB out of the top 12 cryptocurrencies, placing it in 13th with a market cap of $7.88 billion. This falls short of Avalanche and Tron, highlighting the coin’s current struggles.
Community Steps Up the Burn
Despite the price woes, the SHIB community isn’t giving up. Efforts are ongoing to increase the token’s burn rate, which essentially removes SHIB from circulation, potentially making existing tokens more valuable. Shibburn, a platform dedicated to tracking SHIB burns, reported a staggering 300.52% increase in the burn rate during the last 24 hours, with over 1 million tokens burned.
However, some analysts remain cautious. This surge might be temporary, and a consistently high burn rate driven by actual transactions is needed for a sustainable price increase.
Petition Targets Binance for Daily Burns
Taking a more proactive approach, the Shiba Inu community has launched a petition on Change.org demanding that cryptocurrency exchange giant Binance burn 1% of all SHIB transactions daily. This petition has gained significant traction, surpassing 1,000 signatures and aiming for a total of 50,000. With the SHIB army boasting over a million holders globally, achieving this goal seems within reach.
Also Read: K9 Finance Is About To Blow Up The Shiba Inu Ecosystem – ETHToronto To Host Major Announcement
Furthermore, Shiba Inu’s marketing lead, Lucie, recently confirmed the upcoming launch of Shiba Eternity’s Closed Beta on the network. This mobile game, previously only accessible to LEASH holders and select community members, is seen as a strategic move to engage the Shiba Inu community and potentially reignite interest in SHIB.
Only time will tell if the community’s efforts will be enough to propel SHIB back to its former glory. While the recent price performance is concerning, the community’s dedication and strategic initiatives suggest they aren’t backing down without a fight.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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