While the broader cryptocurrency market stages recovery after last week’s selloff, meme coin Shiba Inu (SHIB) has risen over 9% today and recorded a weekly high.
SHIB, the 12th-largest cryptocurrency, has a market capitalization of $8.01 billion and currently trades at around $0.00001439, according to data from CoinMarketCap.
SHIB's upwards price action is primarily a result of a spike in the token's burn rate earlier this week, and expectations around the launch of Shibarium (a layer-2 blockchain to be launched by Shiba Inu).
Nearly 110 million SHIB tokens have been burned over the past 24 hours, and 40% of the total SHIB supply has been burned to date, as per data from Shibburn.
Shibaswap, the popular DEX launched by the Shiba team, has also seen its user base grow, per data from Dune Analytics.
On Aug 25, 145,661 users interacted with Shibaswap, a new all-time high for the metric.
Trading volumes were also up 61% over the past 24 hours. On a weekly note, SHIB is down by a meagre...
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