The meme coin with the dog theme has been on fire over the past week, even though the wider crypto market crashed in the midst of a wave liquidations.
The wider crypto market is still in the dumps after this week’s selloff. However, there are some cryptocurrencies that are fighting the bearish trend.
One of them is the meme coin Shiba inu (SHIB), currently trading at $0.0000135 per CoinMarketCap.
SHIB’s rise in price is due to an increase in token’s burn rate this week. According to the Schib Burn Tracker, holders burned just below 15,000,000 SHIB on Aug 17.
This increased to more than 180,000,000 on August 18. It was a jump of over 1,100%. The surge in token burn rates appears to have ended quickly, according to ShibBurn. This is a tracker that tracks token burn rates.
In an effort to decrease token supply, the SHIB token burn mechanism has been introduced in April. Holders of SHIB tokens who burn them receive a yield-generating token called burntSHIB which pays out rewards with RYOSHI (another ERC-20 token).
Dogecoin is the rival meme coin for Shiba Inu. It has performed less well during the market crash. Although it’s up 0.9%, it’s fallen by about 3.7% in the past seven days.
After the release of Dogechain (a blockchain network that allows holders to create a wrapped version for use in DeFi apps), Dogecoin experienced a short surge.
The market was not pleased. The two biggest cryptocurrencies, Ethereum and Bitcoin , fell as traders sold their positions later in week.