Rise of burning Shiba Inu volume might be important signal but CEO slams it as ‘garbage’
The well-known meme cryptocurrency Shiba Inu (SHIB) just achieved a new record for burning volume, with a quick spike of 10,000%. One of the largest daily rises in the previous 30 days occurred today with the burn rate.
The recent price performance of SHIB is one of the possible causes of the increase in burning volume. Since the start of the year, the asset has been performing well on the market and has increased in value by more than 70%, making it one of the best-performing ones. The increase in the burning rate has probably been caused by the asset’s rising demand and its growing popularity.
The well-known meme cryptocurrency Shiba Inu (SHIB) just achieved a new record for burning volume, rising by 10,000% in a short period. The increase in burn rate today was among the largest daily increases over the previous 30 days.
The recent performance of SHIB’s pricing is one of the possible causes of the increase in burning volume. The asset has had a remarkable performance on the market since the start of the year, increasing in value by more than 70% and ranking among the best-performing ones. The asset’s expanding demand and growing popularity have most likely influenced the rate at which it is burned.
SHIB/USD 4-hour chart | Source: TradingView
Shiba Inu is losing about 1% of its value at the time of publication and is trading at $0.000014, which may be a result of the brief correction that most traders anticipated following the surge in volatility.
Solidity.io CEO Alex McCurry harshly criticized Shiba Inu and Dogecoin in recent tweet
On February 8, the founder of the blockchain development company Solidity.io, Alex McCurry, referred to Shiba Inu, Dogecoin, and other cryptocurrencies with canine themes as “trash” on Twitter. McCurry’s comments come amid mounting uncertainty regarding the durability and dependability of meme tokens, which have acquired appeal for their novelty but are being attacked by many experts as having no actual value and being exploited for speculation and rapid gains.
McCurry is not the only target of this criticism; Steven Cooper, the CEO of Bigger Entertainment, has also been vocal in his opposition to Shiba Inus. Cooper said that Shiba Inu was a pyramid scheme because there were no burned tokens, and the Shiba Inu crew had accomplished anything.
Cooper used to be very active in the Shiba Inu community, but he departed following a dispute with the developers. Currently has no desire to participate once more. He even claims a smear campaign was launched against him and his business. Shiba Inu’s developer community is still at the center of controversy after the main developer Shytoshi Kusama drew criticism for expelling “breeds,” or community members who were supposed to help with the creation of the token.
Some, including SHIB Defense Team co-lead Trophias, accused Kusama of decreasing the project’s decentralization. McCurry’s remarks about Shiba Inu and Dogecoin show mounting skepticism over meme tokens, and it is unclear how they will be received in the future. Investors should constantly be aware of the potential hazards and the fact that there are a lot of unanswered questions when it comes to the bitcoin market.
Read more:
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