While the broader crypto market remains in the doldrums following this week’s sell-off, some crypto-currencies are defying the downward trend. Among them is the Shiba Inu meme currency (SHIB), which is up about 4.5 percent on the day and more than 7 percent on the week, and is currently trading at $0.0000135, according to Coingecko.
SHIB’s price increase follows a spike in the token’s burn rate earlier this week. Holders burned just under 15,000,000 SHIBs on August 17 and then over 180,000,000 on August 18, according to the Shib Burn Tracker, a jump of over 1,100 percent. However, the surge appears to have been short-lived; according to another tracker, ShibBurn, the token burn rate has declined by more than 90% in the past 24 hours.
The SHIB token burn mechanism was introduced in April, with the goal of reducing the supply of tokens in circulation. SHIB holders who burn their tokens receive a yield-generating token, burntSHIB, which pays rewards in RYOSHI, another ERC-20 token.
Days of the Doge
Shiba Inu’s crypto rival Dogecoin, has fared less well amidst the market meltdown; while it is up 0.9% on the day, it has lost about 3.7% over the past seven days.
Dogecoin saw a brief rise after the release of Dogechain, a blockchain network that allows holders to create a wrapped version of the coin for use in DeFi applications.
However, the market had other ideas, with the two largest crypto-currencies, Bitcoin and Ethereum, falling as traders liquidated their positions later in the week.