According to U.Today, Shiba Inu (SHIB) has seen a significant increase in its token burn rate, while its price is gaining momentum. The tracking site Shibburn reports that over 24.2 million SHIB tokens were burned in the last 24 hours, indicating a 61.02% increase in the token burn rate. The current circulating supply of the meme coin is a staggering 582.7 trillion tokens. To ensure the scarcity of the SHIB tokens, the Shiba Inu ecosystem necessitates token burning events. A balanced circulating supply is crucial not only for the SHIB price but also for a robust ecosystem.
The Shiba Inu community has been proactive, sending millions of tokens to dead wallets. Data shows that approximately 410.7 trillion tokens have been burned or removed from the initial supply, demonstrating the community's commitment to the ecosystem. If this trend continues and the community remains steadfast, the future outlook for SHIB is expected to stay positive.
The price of Shiba Inu has seen a significant increase amid the surge in its burn rate. At the time of writing, SHIB is trading at $0.00002815, up 3.18% in the last 24 hours. Despite a 10.86% drop over the last 30 days, today's surge suggests a potential trend reversal. The meme coin may soon exit the consolidation phase. This outlook is supported by the coin's increasing trading activity. Data indicates that Shiba Inu's 24-hour trading volume has risen by 17.39% to $523.51 million.
However, Shiba Inu may continue to consolidate as the market anticipates the Bitcoin (BTC) halving event. Market participants may choose to wait until the halving event to observe its impact on the market. Therefore, the SHIB community may need to wait before witnessing major price movements.
Smart Money Increases Investment in FLOKI with 76.5 ETH Purchase
According to Foresight News, the address known for making a 60-fold profit from trading MAGA has recently invested 76.5 ETH (approximately $201,000) into FLOKI. This transaction occurred five hours ago, as monitored by @ai_9684xtpa. Over the past six months, the address has accumulated FLOKI worth $2.11 million without selling any, making it the largest holding for this address. The average purchase cost for FLOKI was $0.00017, while the current price stands at $0.0001525.
🚨 Beware of $FLOKI Airdrop Messages! They Are SCAMS! 🚨
We want to alert our community about fake airdrop advertisements circulating in various Telegram channels, including our own, as well as on X (Twitter) and other platforms. Please remember that #FLOKI is NOT conducting any airdrops and has no plans to do so.
⚠️ Connecting your wallet to these fraudulent websites will lead to the loss of your #crypto. Stay vigilant and protect your assets!
👿 We’ve banned over 2.3 million cheaters — enough to fill the entire city of Rome!
🏴☠️ Wondering how we caught them? Well, here’s an example: One person connected over 400 accounts to a single Binance address, while another invited almost 2,000 "friends," all of whom were flagged by our anti-cheat system.
🤖 We have been analyzing users’ behavior for months before the TGE. We have seen accounts that logged in at the same time each day and were tapping the same exact pixel.
📈 We have taken away 6.8 billion tokens from these cheaters. 50% have been distributed among honest players, another 50% will be burned.
🐹 Cheaters don’t belong in our community. They automate their selling through software to get an advantage over regular players. We care about our players and market participants, especially long-term holders, and want to protect them.
FLOKI TRADING BOT HITS $27 MILLION TRADING VOLUME AND 20,000+ USERS
The Floki Trading Bot is quickly becoming the go-to solution for traders looking for a reliable, efficient way to buy and sell tokens.
You no longer have to deal with slow DEXs, transaction confirmations, or slippage issues that cost you money. Often, this could mean the difference between a 1x or a 5x on the same trade due to how fast you're able to get your transactions in.
We are also working tirelessly on improvements and new features to ensure the Floki Trading Bot will become the #1 trading bot on the market. Stay tuned for some VERY EXCITING updates, soon!
Binance Launchpool Launches 57th Project Dogs (DOGS) : Stake BNB and FDUSD to Farm Rewards
Binance has announced its 57th project on Binance Launchpool: Dogs (DOGS), a memecoin created within the Telegram community and part of the TON ecosystem. Binance will be the first platform to list DOGS, with trading set to commence on August 26, 2024, at 12:00 (UTC).Starting from August 23, 2024, at 00:00 (UTC), users will have the opportunity to stake their BNB and FDUSD into separate pools to farm DOGS tokens over a three-day period. The Launchpool webpage is expected to be available 24 hours before the farming begins.Once listed, DOGS will be traded in four pairs: DOGS/USDT, DOGS/BNB, DOGS/FDUSD, and DOGS/TRY. Binance has also announced that the Seed Tag will be applied to DOGS, emphasizing the token's status as a new listing on the platform.
FLOKI Reclaims $2 Billion Market Cap As Investor Confidence Surges
FLOKI reclaimed a $2 billion market cap, boosted by a $12 million purchase announcement from DWF Labs and new perpetual futures by Coinbase.
Despite short-term declines, FLOKI gained 420% in the last 30 days and nearly 600% over the past year, showcasing impressive resilience.
FLOKI’s play-to-earn metaverse, Valhalla, and extensive community marketing efforts have significantly contributed to its market resurgence.
FLOKI has recovered its $2 billion market capitalization. This milestone is an incredible achievement for the meme coin, which has had its ups and downs over the past year.
BREAKING: MEMECOIN $FLOKI (@RealFlokiInu) RECLAIMS $2 BILLION MARKET CAP pic.twitter.com/IvVra6WQO3
— DEGEN NEWS (@DegenerateNews) July 20, 2024
FLOKI‘s recent spike can be attributed to several factors. The token’s value increased by 12% following DWF Labs’ announcement of plans to purchase $12 million in FLOKI tokens from the open market and treasury.
This action has increased investor trust and helped the token’s upward trend. Coinbase Future’s issuance of FLOKI permanent futures has opened up more opportunities for traders to interact with the currency, boosting market activity.
Despite a recent 2% decrease in the last 24 hours, FLOKI has demonstrated resilience. The token has dropped by 9% in the last week and 25% in the last two weeks. However, these short-term movements have been covered by major gains of 420% in the previous 30 days.
FLOKI’s appeal is mostly due to its elaborate play-to-earn gaming metaverse, Valhalla. Valhalla is inspired by successful aspects of famous games like Pokémon and Skyrim. The platform allows players to capture and battle creatures known as Vera, tend crops that may be sold as NFTs, and participate in a variety of other in-game activities.
FLOKI’s developers made use of the power of community and marketing to propel the token ahead. The cryptocurrency has launched numerous promotional efforts which have attracted the attention of the community, resulting in increasing interest in the token.
FLOKI’s reclaiming of a $2 billion market cap demonstrates the token’s resilience and enormous community support. As the cryptocurrency evolves and expands its ecosystem, it remains a popular player in the volatile world of digital assets.
Read Also
XRP’s Road to Reclaiming ATH: Insights and Timeline Unveiled
Market Analysis: Can BNB Reclaim $600 in 2023’s First Quarter?
Pepe Coin’s 15% Surge: Quest to Reclaim All-Time High?
Solana: Can Reclaiming the $155 Mark Invalidate the Downtrend?
Shiba Inu Whale Activity Surges: Can SHIB Reclaim $0.00001?
The post FLOKI Reclaims $2 Billion Market Cap as Investor Confidence Surges appeared first on Crypto News Land.