{"id":547086,"date":"2023-08-13T11:51:42","date_gmt":"2023-08-13T11:51:42","guid":{"rendered":"https:\/\/wncen.com\/?p=547086"},"modified":"2024-06-11T08:58:26","modified_gmt":"2024-06-11T08:58:26","slug":"shiba-inu-steals-the-spotlight-leaving-bitcoin-behind-in-a-week-of-price-surges","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/shiba-inu-steals-the-spotlight-leaving-bitcoin-behind-in-a-week-of-price-surges\/","title":{"rendered":"Shiba Inu Steals The Spotlight, Leaving Bitcoin Behind In A Week Of Price Surges"},"content":{"rendered":"<p>The Shiba Inu (SHIB) coin has exceeded even the top 10 established cryptocurrencies this week, posting a <a href=\"https:\/\/u.today\/shiba-inu-shib-lights-up-sparks-new-price-rally\" target=\"_blank\" rel=\"noopener nofollow\">solid 15% increase<\/a> that has captivated the attention of the cryptocurrency community.<\/p>\n<p>The notable ascent in SHIB&#8217;s price is closely associated with its current rate of burning, which has witnessed a significant upturn in the last 24 hours.<\/p>\n<p>Based on the <a href=\"https:\/\/www.shibburn.com\/\" target=\"_blank\" rel=\"noopener nofollow\">Shibburn data<\/a>, a total of 111,799,146 SHIB tokens have undergone incineration, leading to a substantial 57% surge as per the most recent update.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/all\/rising-star-hedera-hbar-and-its-11-climb-a-closer-look\/\" target=\"_blank\" rel=\"noopener \">Rising Star Hedera (HBAR) And Its 11% Climb \u2013 A Closer Look<\/a><\/div>\n<h2><strong>Shiba Inu Gets Price Boost From Burn Rate<\/strong><\/h2>\n<p>Throughout the course of the week, the burn rate of SHIB has exhibited a constant upward trend, closely aligning with its favorable price trajectory.<\/p>\n<p>The consistent pattern observed indicates the possibility of a steady and continuous increase in the price of the asset over a prolonged duration. This can be attributed to the natural expansion of trading volume inside the <a href=\"https:\/\/cryptopotato.com\/shibs-rally-continues-heres-what-you-need-to-know-shiba-inu-price-analysis\/\" target=\"_blank\" rel=\"noopener nofollow\">Shiba Inu<\/a> ecosystem.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-547089\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/a-68.png?resize=370%2C334\" alt=\"\" width=\"370\" height=\"334\"><\/p>\n<pre style=\"text-align: center\">SHIB burn rate. Source: <a href=\"https:\/\/www.shibburn.com\/\" target=\"_blank\" rel=\"noopener nofollow\">Shibburn<\/a><\/pre>\n<p>In the midst of current market trends, SHIB is demonstrating its ability to transcend its origins as a meme coin by exhibiting resilience, as evidenced by a significant 9.2% spike in price in the last 24 hours that resulted in its value reaching $0.00000940.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-547091\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/shib-1.png?resize=1024%2C87\" alt=\"\" width=\"1024\" height=\"87\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/shib-1.png?w=1489 1489w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/shib-1.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/shib-1.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/shib-1.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/shib-1.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/shib-1.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/p>\n<pre style=\"text-align: center\">SHIB weekend price action. Source: Coingecko<\/pre>\n<p>Bitcoin, in comparison, was trading at $29,383, down a meager 0.1% in the last 24 hours, while managing to gain 1.3% in the last seven days, data from crypto market tracking site<a href=\"https:\/\/www.coingecko.com\/\" target=\"_blank\" rel=\"noopener nofollow\"> Coingecko<\/a> shows, Sunday.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-547092\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/a-69.png?resize=1024%2C51\" alt=\"\" width=\"1024\" height=\"51\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/a-69.png?w=1134 1134w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/a-69.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/a-69.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/a-69.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/a-69.png?w=750 750w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/p>\n<pre style=\"text-align: center\">BTC weekend price action. Source: Coingecko<\/pre>\n<p>The current increase in value represents a noteworthy achievement for SHIB, as it has exhibited sustained development throughout the preceding week.<\/p>\n<h2><strong>Shibarium Launch Also Provides Big Price Lift\u00a0<\/strong><\/h2>\n<p>Furthermore, the imminent introduction of Shibarium, a Layer-2 protocol with advanced functionality, constructed on the Ethereum network, contributes to the heightened anticipation and price lift for SHIB.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full\" src=\"https:\/\/www.tradingview.com\/x\/l24dngPH\/\" width=\"2475\" height=\"1179\"><\/p>\n<pre style=\"text-align: center\">SHIB market cap at $6.2 billion in the weekly chart: <a href=\"https:\/\/www.tradingview.com\/chart\/ajrdy9Lf\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/pre>\n<p>Meanwhile, data obtained from Coinglass provides a compelling depiction of a notable <a href=\"https:\/\/www.coinglass.com\/currencies\/1000SHIB\" target=\"_blank\" rel=\"noopener nofollow\">increase in open interest<\/a> observed in Binance&#8217;s SHIB futures market.<\/p>\n<p>The current surge has exhibited a tremendous growth rate, increasing by almost 100% in just one month.<\/p>\n<p>The substantial rise in open interest and market capitalization of SHIB indicates a considerable influx of capital. The historical context is interesting since it often aligns with instances of Bitcoin price swings.<\/p>\n<h3><strong>SHIB And Its Correlation To Bitcoin<\/strong><\/h3>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/all\/polkadot-bearish-trends-set-the-stage-for-bullish-possibilities-heres-why\/\" target=\"_blank\" rel=\"noopener \">Polkadot Bearish Trends Set The Stage For Bullish Possibilities \u2013 Here\u2019s Why<\/a><\/div>\n<p>Over the course of SHIB&#8217;s existence, there have been around seven occurrences in which its open interest surpassed the significant milestone of $100 million. Significantly, each of these instances coincided with fluctuations in the valuation of the alpha crypto, Bitcoin.<\/p>\n<p><em>(This site&#8217;s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n<p><em>Featured image from Advance Auto Parts<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Shiba Inu (SHIB) coin has exceeded even the top 10 established cryptocurrencies this week, posting a solid 15% increase that has captivated the attention of the cryptocurrency community. The notable ascent in SHIB&#8217;s price is closely associated with its current rate of burning, which has witnessed a significant upturn in the last 24 hours. Based on the Shibburn data, a total of 111,799,146 SHIB tokens have undergone incineration, leading to a substantial 57% surge as per the most recent update. Related Reading: Rising Star Hedera (HBAR) And Its 11% Climb \u2013 A Closer Look Shiba Inu Gets Price Boost From Burn Rate Throughout the course of the week, the burn rate of SHIB has exhibited a constant upward trend, closely aligning with its favorable price trajectory. The consistent pattern observed indicates the possibility of a steady and continuous increase in the price of the asset over a prolonged duration. This can be attributed to the natural expansion of trading volume inside the Shiba Inu ecosystem. SHIB burn rate. Source: Shibburn In the midst of current market trends, SHIB is demonstrating its ability to transcend its origins as a meme coin by exhibiting resilience, as evidenced by a significant 9.2% spike in price in the last 24 hours that resulted in its value reaching $0.00000940. SHIB weekend price action. Source: Coingecko Bitcoin, in comparison, was trading at $29,383, down a meager 0.1% in the last 24 hours, while managing to gain 1.3% in the last seven days, data from crypto market tracking site Coingecko shows, Sunday. BTC weekend price action. Source: Coingecko The current increase in value represents a noteworthy achievement for SHIB, as it has exhibited sustained development throughout the preceding week. Shibarium Launch Also Provides Big Price Lift\u00a0 Furthermore, the imminent introduction of Shibarium, a Layer-2 protocol with advanced functionality, constructed on the Ethereum network, contributes to the heightened anticipation and price lift for SHIB. SHIB market cap at $6.2 billion in the weekly chart: TradingView.com Meanwhile, data obtained from Coinglass provides a compelling depiction of a notable increase in open interest observed in Binance&#8217;s SHIB futures market. The current surge has exhibited a tremendous growth rate, increasing by almost 100% in just one month. The substantial rise in open interest and market capitalization of SHIB indicates a considerable influx of capital. The historical context is interesting since it often aligns with instances of Bitcoin price swings. SHIB And Its Correlation To Bitcoin Related Reading: Polkadot Bearish Trends Set The Stage For Bullish Possibilities \u2013 Here\u2019s Why Over the course of SHIB&#8217;s existence, there have been around seven occurrences in which its open interest surpassed the significant milestone of $100 million. Significantly, each of these instances coincided with fluctuations in the valuation of the alpha crypto, Bitcoin. (This site&#8217;s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Advance Auto Parts<\/p>\n","protected":false},"author":600,"featured_media":547096,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1,3],"tags":[83767,83668,83667,87680],"class_list":["post-547086","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all","category-news","tag-meme-coins","tag-shib","tag-shiba-inu","tag-shibarium"],"acf":[],"yoast_head":"\n<title>Shiba Inu Leaves Bitcoin Behind In A Week Of Price Surges<\/title>\n<meta name=\"description\" content=\"The Shiba Inu (SHIB) coin has exceeded even the top 10 established cryptocurrencies this week, posting a solid 15% increase that has captivated the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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