Shiba

Burn

Flash

Terra

Shiba Inu

<ul> 
 <li><strong>The Shiba Inu community has proposed a new burning mechanism on Binance and Coinbase, that could see the circulating supply plummet drastically.</strong></li> 
 <li><strong>Shiba Inu’s SHIB has come under intense pressure with the asset posting mixed market sentiments which could be driving high volatility.</strong></li> 
</ul>  
<p>As volatility around Shiba Inu (SHIB) rises, the Shiba Inu community, commonly referred to as the “ShibArmy”, has offered a proposal that could see SHIB’s circulating supply plummet drastically. The new proposal has fueled massive optimism around the memecoin with investors eyeing a new all-time high.</p> 
<p>The community has proposed a new burning mechanism on two of the largest cryptocurrency exchanges, Binance and Coinbase. These mechanisms have proven successful for other crypto projects, most notably Terra Luna (LUNC).</p> 
<p>As CNF has in the past <a href="https://www.crypto-news-flash.com/binance-burns-over-59-billion-terra-luna-classic-tokens-in-latest-lunc-burn/" target="_blank" rel="noopener">highlighted</a>, the LUNC community has been pushing this initiative with a major contribution from Binance. Late last month, Binance burnt over 59 billion LUNC tokens as a continued plot to revive the Terra Luna ecosystem with the exchange contributing to 51.9% of the community’s total burns.</p> 
<p>A similar initiative could be in the works for SHIB. This could drive the burning rate for SHIB, leading to lower supply and higher demand. According to the latest from <a href="https://www.shibburn.com/" target="_blank" rel="nofollow noopener">Shibburn</a>, a SHIB burning tracking platform, the burn rate has rallied by 1235.99% in the past 24 hours. This brings the total amount of tokens burnt to 410,727,033,470,341, leaving the total circulating supply at 583,325,252,660,104.</p> 
<p>Despite these developments, SHIB is struggling to maintain bullish momentum. As Crypto News Flash data shows, SHIB is <span style="color: #ff0000;">down by 1.5%</span>. This sees the memecoin extend its token by <span style="color: #ff0000;">14%</span> on the weekly chart.</p> 
<div class="cryptoboxes" id="mcw-435420" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-coin="shiba-inu" data-symbol="SHIB" data-currency="USD" data-rate="1.000268" data-type="chart" data-view="day" data-theme="light" data-smooth="true" data-areacolor="" data-bgcolor=""></div>
</div>
<p>In recent months, SHIB has emerged as a formidable challenger for Dogecoin, the most popular memecoin in the space. Exchanging, for $0.00001781, SHIB ranks 12th with a market cap of $10 billion. Launched at the end of 2020, the token has gained around 31603829.2% but has lost around 80% from its all-time high of 2021. In contrast, DOGE is trading for $0.1237 with a ranking of $17.9 billion seeing it take the 10th position on the market.</p> 
<h3 id="shiba-inu-shib-volatility-paints-bearish-outlook">Shiba Inu (SHIB) Volatility Paints Bearish Outlook</h3> 
<p>Its short-term outlook is bearish with Coinglass data showing a mixed market sentiment for the memecoin.</p> 
<p>SHIB’s open interest (OI) fell 7.52% to $33.49 million, while derivatives volume rose 8.34% to $117.26 million. This increase in derivatives activity may be contributing to SHIB’s price volatility today. The RSI, a technical indicator for measuring price momentum, also supports this notion.</p> 
<p>Currently resting near 27, the RSI suggests the token may be oversold, potentially attracting new buyers looking to enter the market at a low price point.</p> 
<p>In the long term, investors are highly optimistic about the price trend with an all-time high in view, but the bearish view is not grounded.</p> 
<p><iframe title="Shiba Inu (SHIB) Gains Metaverse Prominence After Significant Acquisition" width="788" height="443" src="https://www.youtube.com/embed/BEZyegBbPP4?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe></p>

Shiba Army Urges Shiba Inu Burn on Binance and Coinbase Amid Price Dip

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