Today, the cryptocurrency world was abuzz with news of Shiba Inu's incredible success. Shiba Inu, or SHIB, is a meme crypto coin similar to Dogecoin; like Dogecoin, it has seen an explosion of growth over the past few months. Within a span of 24 hours, close to 15.1 million Shiba Inu coins were burned. This burning process was done through four transactions, eliminating coins from the circulating supply.

The key reason behind the massive burning of coins was an important effort to reduce the overall number of coins in the market. This idea has already started paying off as the Shiba Inu token has seen an impressive 11% surge in its price during the week which saw huge amounts of tokens being burned. At the time of writing, SHIB traded at around 0.00001145.

Such growth in the value of the token can also be attributed to the sudden surge of DOGE, a rival meme coin, over recent days - mainly due to Tesla CEO Elon Musk changing his Twitter avatar to a Dogecoin avatar. This resulted in an increase in the value of Dogecoin by a whopping 30%.

The massive growth of Shiba Inu and Dogecoin also brings to mind Musk's idea of allowing Twitter users to make micropayments using Dogecoin. He has expressed his interest in this idea since before last year's Twitter stock buyout, believing that Dogecoin is better suited for payments than Bitcoin. The growth of both tokens in the last few months only serves to demonstrate the extent of their influence in the cryptocurrency market.



Other News from Today