SHIB price up over 18 per cent in last 24 hrs

Shiba Inu coin recently saw a massive spike over the last few days because Tesla founder Elon Musk named his dog Floki.

SpaceX founder Elon Musk recently tweeted about his dog, saying, “My Shiba Inu will be named Floki.”

According to media reports, it led to a rise in the Shiba Inu coin market, as single Shib coins surged by 25 per cent in the hours afterwards, leading to a six-week high for the coin.

Shiba Inu (SHIB) price today is $0.000009345 USD with market cap of $3,622,184,009 and trading volume of $813,332,323 USD. SHIBA INU is up 18.55 per cent in the last 24 hours.

The current CoinMarketCap ranking is #28, with a live market cap of $3,068,741,399 USD. It has a circulating supply of 394,796,000,000,000 SHIB coins and the max supply is not available.

Musk has been an avid support of cryptocurrency. Recently, he has been advocating the Dogecoin cryptocurrency.

Ethereum founder Vitalik Buterin announced that he has destroyed trillions of SHIB coins. He burned approximately 420 trillion worth of SHIB coins. This translates to about $6 billion worth of coins. According to Buterin, this was about 90% of his entire portfolio of SHIB coins. The creator of SHIB sent the coins to Buterin in a bid to promote the coin.

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Sending almost half of the entire circulating supply of SHIB coins to the Ethereum co-founder. The coins were sent to a dead wallet. Coins in dead wallets can never be retrieved.

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Related Reading | Every Doge Has Its Day: Dogecoin Founder Buys Back Into DOGE

Buterin attached a note to the transaction explaining the reason behind it. Impressed by the generosity of the dog token communities, the CEO burned the coins to support it. And he was doing this as a way to support the people who were trying to make the world a better place.

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He intended to burn 90% of the coins and give the remaining 10% to a charity. He has not yet revealed which charity this will be.

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Before the burn, Buterin had gifted 50 trillion SHIB coins to an Indian COVID relief fund.

India had seen increased instances of COVID cases in the country. With dead tolls rising daily.

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SHIB coin price chart from TradingView.com
SHIB price surged after Buterin burns coins | Source: SHIBUSD on TradingView.com
Buterin pointed out that he would have had to move the coins eventually for safety. And that he did not want any future transactions to be interpreted as an action. Hence, sending the coins to a dead wallet was the best course of action for right now. The founder plans to donate the remaining 10% to charity.

The Rise Of SHIB
SHIB was reportedly created to be the “DOGE killer.” The coin which was created a little over a year ago has seen increasing popularity. Following the rise in popularity

of Dogecoin.

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Shiba Inu, or SHIB, is a decentralized token. The token runs on the Ethereum blockchain. It is one of the many dog meme coins that are currently on the market. Created for the dog breed Shiba Inu. The Dogecoin meme is the same dog breed as SHIB.

Related Reading | Old Doge, New Tricks: Is This Still The Year Of The Doge?

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SHIB coins were nearly worthless not long ago. But when it was announced that the coin would be listed on trading platforms, the price soared. Listings on OKEx and Binance saw the coin reach daily trading volumes of $500 million.

Following the news of Buterin burning his tokens, the price went up from $0.00000722 to $0.00000985. The market cap of SHIB currently sits at $4.49 billion. While a fully diluted market cap sits at $7.76 billion.

Ethereum Founder Burns Billions Worth Of Coins

Ethereum founder Vitalik Buterin announced that he has destroyed trillions of SHIB coins. He burned approximately 420 trillion worth of SHIB coins. This translates to about $6 billion worth of coins. According to Buterin, this was about 90% of his entire portfolio of SHIB coins. The creator of SHIB sent the coins to Buterin in a bid to promote the coin.

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Sending almost half of the entire circulating supply of SHIB coins to the Ethereum co-founder. The coins were sent to a dead wallet. Coins in dead wallets can never be retrieved.

Get 110 USDT Futures Bonus for FREE!

Related Reading | Every Doge Has Its Day: Dogecoin Founder Buys Back Into DOGE

Buterin attached a note to the transaction explaining the reason behind it. Impressed by the generosity of the dog token communities, the CEO burned the coins to support it. And he was doing this as a way to support the people who were trying to make the world a better place.

สล็อต

He intended to burn 90% of the coins and give the remaining 10% to a charity. He has not yet revealed which charity this will be.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Before the burn, Buterin had gifted 50 trillion SHIB coins to an Indian COVID relief fund.

India had seen increased instances of COVID cases in the country. With dead tolls rising daily.

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SHIB coin price chart from TradingView.com
SHIB price surged after Buterin burns coins | Source: SHIBUSD on TradingView.com
Buterin pointed out that he would have had to move the coins eventually for safety. And that he did not want any future transactions to be interpreted as an action. Hence, sending the coins to a dead wallet was the best course of action for right now. The founder plans to donate the remaining 10% to charity.

The Rise Of SHIB
SHIB was reportedly created to be the “DOGE killer.” The coin which was created a little over a year ago has seen increasing popularity. Following the rise in popularity

of Dogecoin.

jumboslot

Shiba Inu, or SHIB, is a decentralized token. The token runs on the Ethereum blockchain. It is one of the many dog meme coins that are currently on the market. Created for the dog breed Shiba Inu. The Dogecoin meme is the same dog breed as SHIB.

Related Reading | Old Doge, New Tricks: Is This Still The Year Of The Doge?

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SHIB coins were nearly worthless not long ago. But when it was announced that the coin would be listed on trading platforms, the price soared. Listings on OKEx and Binance saw the coin reach daily trading volumes of $500 million.

Following the news of Buterin burning his tokens, the price went up from $0.00000722 to $0.00000985. The market cap of SHIB currently sits at $4.49 billion. While a fully diluted market cap sits at $7.76 billion.

SHIB Price Pushes to $0.00000782 after 5.1% Gain – Where to Buy Shiba Inu

Shiba Inu seems to be gaining popularity, especially after being adopted by a lover of dog tokens, Elon Musk. In recent days, the gains of this token have been remarkable, and just like the majority of altcoins, it is trading in the green zone.

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Shiba Inu is trading at $0.00000782 on major exchanges at the time of writing after a 5.1% increase in value.

Shiba Inu Price Analysis
Shiba Inu Price Analysis 28 June
Source: TradingView
Shiba Inu is one of the tokens posting good returns, and it is one of the coins one should look out for. The dog token had traded at an all-time high of $0.00003477 before the May market crash after a 21,000% gain. However, just like other altcoins, the coin failed to hold after the crash and dropped to low levels.

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Buy Crypto Now
Shiba shows effort in trying to garner back support and rise to higher levels. The next resistance the token needs to break is $0.00001. If this resistance is broken, it will signal that the token is headed towards another bull rally. If this level creates an ideal entry position for investors, SHIB may hold that position, and bulls may make a rebound towards the May levels.

On the downside, if SHIB fails to hold and the coin breaks to even low levels of $0.000005, it might also create an entry position for new traders; hence we might see the token stabilizing at its current values. Nevertheless, SHIB needs to hold levels past the May lows to avoid any significant losses.

As mentioned, SHIB has received overwhelming support from the Tesla boss, Elon Musk, which created the rally to its current levels. If Musk has ditched DOGE for SHIB, the token is bound for incredible returns in the future, given that Musk helped put DOGE at its current level. An endorsement by Musk will mean massive profits for holders.

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Shiba Inu is also trying to gain a place on the global map to rally more demand. The crypto community is rallying for SHIB’s presence in the NASCAR race. The community is urging Voyager, a popular crypto firm, to endorse the SHIB logo in the race. Many cryptocurrencies and crypto firms have been exploring the sports arena as a means of promotion.

Where to Buy SHIB
For those who want to buy Shiba Inu, they can look at the following exchanges:

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eToro
eToro is a reputable exchange that gives investors a high sense of security and user-friendly features. Creating an exchange account on eToro is easy even for beginner traders. Moreover, the exchange is among the few that enables copy trading.

Coinbase
Coinbase recently added SHIB tokens to its list of tradable tokens. The exchange is also another leading exchange that offers many crypto trading pairs. It is supported in multiple jurisdictions and offers competitive trading fees.

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Most of the top 100 cryptocurrencies on CoinMarketCap are seeing double-digit gains as the bullish momentum in the market spills over the weekend. And with the anticipation of a $3 trillion stimulus package from the government, the crypto market may still go on a long bull ride.

But Bitcoin is gradually consolidating while many traders are flocking to altcoins in hope of better gains. As a result, most of the altcoins have risen beyond expectations.

Although there are worries about the huge Bitcoin inflows into South Korean Exchanges by Bitcoin whales, other factors are keeping investors optimistic. Fundamental factors such as decreasing supply and miner sentiment have kept investors feeling optimistic about the future price of Bitcoin.

Shiba Inu price at inflection point, testament to bulls’ strength

Shiba Inu price has been on a 58% upswing since creating a local bottom at $0.00000520.
The resistance level at $0.00000811 will decide if the upswing will continue.

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A decisive close above the said supply barrier might push SHIB to $0.00000870, but failure might trigger a downtrend.
Shiba Inu price performance indicates a massive comeback. However, reversion to the mean is yet to occur and depends on the bulls’ strength to breach past a critical ceiling.

A swift move above it suggests that the uptrend will continue; however, if the buyers fail, a retracement might evolve.

Shiba Inu price at crossroads
Shiba Inu price dropped roughly 35% between June 21 and June 22 to $0.00000520, which created a new range low. Since this point, SHIB has climbed nearly 58% and came close to tagging the 50% Fibonacci retracement level at $0.00000870.

However, the dog-themed cryptocurrency is currently trading at $0.00000809, below the resistance level at $0.00000811.

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Although indecisive at the moment, assuming a potential spike in buying pressure that produces a decisive 4-hour candlestick close above $0.00000811 will significantly improve the odds for the bulls to tag $0.00000870.

A successful flip of the midpoint will open the possibility of an uptick to the 62% Fibonacci retracement level at $0.00000954.

SHIB/USDT 4-hour chart

SHIB/USDT 4-hour chart

On the other hand, if Shiba Inu price fails to breach past the resistance level at $0.00000811, it will indicate the buyers’ inability. In such a case, SHIB might initially retrace to the immediate support barrier at $0.00000739.

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This move would provide the dog coin another chance at the 50% Fibonacci retracement level at $0.00000870. However, a breakdown of $0.00000739 will invalidate the upswing possibility and indicate the start of a reversal.

In such a case, Shiba Inu price might drop 15% to the subsequent support level at $0.00000624.

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Building Up Shiba Coin Longs During the Consolidation, Before the Breakout

Shiba Inu is a new cryptocurrency which started life in August last year, but it only started getting broad attention during the surge in May this year. We saw an attempt to turn this altcoin bullish in April, which was a sign that Shiba was attracting some attention, but the crash came and after topping out at $0.000040, SHIB/USD reversed back down.

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For about two months, SHIB/USD has traded in a range, which stands above the previous range below the surge. Although, there is a slight pressure to the upside for this pair, despite the latest reversal down after the failure to break above the 20 SMA (gray) on the daily chart.

This moving average has turned into resistance, keeping the highs under control at the top. At the bottom, the 50 SMA (yellow) has come into play for about a month, providing support and pushing the lows higher. Today we are seeing a reversal down, after the two doji candlesticks and the failure to break the 20 SMA.

We are building some long positions in Shiba Inu, with the current range being pretty low and the bias to increase above the resistance at least, as the 50 SMA (yellow) keeps pushing the lows higher. The crypto influencer Coin Bureau recently posted a new YouTube video, suggesting that Shiba coin may rise again, saying that “there might be more to this token than meets the eye.”

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We’re hearing rumors that Coinbase will add Shiba coin to its application. Another reason why I think that SHIB/USD will turn bullish soon is the fact that Doge coin which was one of the most interesting cryptocurrencies in April and May, after Tesla’s CEO Elon Musk tweeted and chatted about it, but it has lost its mojo and crashed down.

Doge continues to slide lower, making lower highs and lower lows. Shiba Inu will likely benefit from the decline in DOGE/USD since they differ in the way that they are connected to the crypto community. DOGE is really just a meme, while the Shiba Inu is community-driven.

There also seem to be some seriously prolific people behind the project, as the co-founder of Ethereum Vitalik Butterlin is making massive use of the Shiba coins. So, I have been building some long positions on SHIB/USD and I think that once the price moves above the 20 SMA on the daily chart, the bullish trend will resume again.

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Musk is very rich and famous because he makes cars and space rockets and tells funny jokes on Twitter, often about dog-themed cryptocurrencies.

Musk is now so rich and famous that if he so much as exhales in the direction of a cryptocurrency about dogs, the market for dog coins will wrap around his very breath.

His tweet about his new dog is the latest thing to move decentralized dog markets. The price of Shiba Inu coin rose 17%, from $0.000006771 to $0.000007935, after Musk tweeted about his new dog Friday. The price of Dogecoin didn’t budge much.

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Musk has named his new dog Floki. Floki is also the character from the TV show Vikings whom a fan-based wiki describes as an “incorrigible trickster.”

People created lots of Floki cryptocurrencies after Musk shared the name of his new dog. There are literally dozens of them on Poocoin, a website that tracks the prices of different shitcoins.

Crypto publication Benzinga picked up the story. It reported that one Floki cryptocurrency increased by 3,500%. We venture that all of these coins have increased infinitely since they are backed by nothing but a man and his dog.

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THE VIEWS AND OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATIONAL PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT, OR OTHER ADVICE.

Shiba Inu’s Newly Launched ShibaSwap DEX Explodes With $1.5B TVL in Less Than 2 Days

Shiba Inu’s (SHIB) long-awaited decentralized exchange, ShibaSwap, surpassed more than $1.5 billion in total value locked (TVL) in less than 48 hours.

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Barely two days since the launch of ShibaSwap, a DeFi platform coming from the popular Ethereum-based meme project, Shiba Inu, more than $1.5 billion worth of assets have been locked on the exchange.

ShibaSwap Records $1.5 in TVL
As with many DeFi projects, ShibaSwap also introduced a yield farming program that allows users to stake their tokens for rewards. The project’s pseudonymous “Top Dog,” Shytoshi Kusama, noted in a Medium post that the Shiba Inu army can stake either $SHIB or $LEASH to earn $BONE – the native token of ShibaSwap.

In 24 hours after the launch, the TVL reached a significant milestone of $1 billion. Furthermore, it is currently at above $1.5 billion after surging to a high of $1.54 billion, according to data on ShibaSwap.

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ShibaSwap Behind High Ethereum Gas Fee
The launch and influx of users rushing to stake on ShibaSwap sent Ethereum’s gas fees shooting through the roof. Around last week, the transaction costs on the Ethereum network were at their lowest, indicating a decrease in activity on the blockchain. This is evident as data on Etherscan showed that a whopping $1 billion was moved for a meager fee of $0.60 within a minute.

However, with the launch of ShibaSwap and user activities, fees and network congestion on Ethereum have reverted to how it was earlier this year. An earlier report confirmed that Shiba Inu-related projects were responsible for the massive gas fee hike.

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Shiba Inu Continues to Hold Strong
The Shiba Inu project, which joined the unending list of meme coins in August 2020 with its native token SHIB, gained popularity in May this year. Since then the project has continued to receive attention from new traders and DeFi degens, even after many thought its bubble would fade like other similar projects before it.

Almost one year since launch, though, the SHIB token is still considered as one of the favorites in the meme coins ranking that also features Dogecoin (DOGE).

Certain events have been attributed to why the token is still rallying support despite speculation that its bubble would soon burst. In May, Ethereum’s co-founder, Vitalik Buterin burned $6.7 billion worth of SHIB tokens alongside other meme coins and donated the funds to non-profits like India’s Coronavirus relief fund.

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At the time, Buterin, who noted that he received the tokens as a gift, was accused of dumping the SHIB on unsuspecting investors, causing its price to drop by more than 40%.

Many believed the unfortunate incident would be the end of the dog-themed coin, but the Shiba Inu army will not have any of it. They continue to rally around the project, as the recent stats on the newly launched ShibaSwap exchange confirm this.

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