The cryptocurrency market opened the new week with a bang, led by Bitcoin’s impressive 3.8% rise, which triggered significant liquidations of $39.22 million in just four hours, primarily from bearish positions. While Bitcoin’s performance has attracted much attention, BONE, a lesser-known member of the Shiba Inu (SHIB) ecosystem, has truly stolen the show with an even more remarkable performance. Here are the details…
SHIB ecosystem token BONE steals the stage
BONE, a token in the Shiba Inu ecosystem, experienced a 6.5% increase in value, reaching an impressive $0.78 per token, reaching its highest point last week. In stark contrast, SHIB, the primary token of the Shiba Inu family, only gained 2% during this market frenzy. This increase in BONE’s value is not just a momentary increase; It’s part of a much larger and remarkable trend. BONE is up over 10% since the previous Friday, when it dropped to $0.69 per token.
Looking ahead, one can speculate that BONE’s positive momentum could take it to the next important price level, an important milestone of $0.84 per token. To achieve this goal, Shiba Inu’s token will need to make another significant jump of 10%. If this upward trend continues, it could mean a major breakthrough for the Shiba Inu ecosystem and change the sentiment of the entire SHIB community.
Shiba Inu burned coins
In addition to BONE’s remarkable performance, Shiba Inu (SHIB) started the week on a positive note, with its deflationary metric, burn rate, reaching new, never-before-seen levels. According to data from Shibburn, the burn rate increased by more than 283%, with a total of 55,399,172 SHIB tokens sent to dead wallets overnight. Examination of Shibburn data reveals that more wallets are now involved in burning SHIB tokens than before. Interestingly, tokens are no longer burned in bulk, but in small pieces. This indicates that the Shiba Inu’s deflationary tendencies are decentered.
With the consistency recorded in the burn rate so far, the total SHIB tokens sent to dead wallets have exceeded 410.6 trillion, which is gradually keeping pace with the circulating supply of over 579 trillion SHIB tokens. This notable milestone in the deflationary strategy is in line with the bullish reversal of the broader digital currency ecosystem following the lows recorded over the past few weeks. The positive burn rate could serve as a significant impetus for SHIB investors to go all-in on the token, hoping it will aid a rally. The combined performance of BONE and the increase in burn rate of SHIB tokens indicate a promising start for the Shiba Inu ecosystem, which continues to attract the attention of crypto enthusiasts worldwide.
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