Why Is Shiba Inu Soaring This Week?

Shiba Inu SHIB/USD soared nearly 21% for the week leading up to press time.

What’s Moving? The self-labeled Dogecoin DOGE/USD killer traded 21.01% higher over a seven-day trailing period.

Against larger cryptocurrencies — Bitcoin BTC/USD and Ethereum ETH/USD — SHIB traded 0.97% and 1.45% lower respectively.

Over a 24 hour window, SHIB was up 4% at $0.0000076.

See Also: How To Buy Shiba Inu (SHIB)

Why Is It Moving? Recently, the decentralized meme token announced that its developers would be initiating a coin burn. A coin burn is a process through which tokens are removed from circulation thus decreasing the available supply.

NEW PAIRS ADDED + BURN!!!!

The Shiba Community asked for a BURN  and #ShibaSwap DEVs have listened, and are delivering!

As one part of the new listings plans, they have implemented a burn procedure to reduce $SHIB and $LEASH supply. pic.twitter.com/lfooX0S00D

— Shib (@Shibtoken) August 7, 2021

Shiba Inu got listed on popular retail broker eToro's platform late last month.

Notably, in May, Ethereum co-founder Vitalik Buterin burned 410 trillion SHIB and donated trillions more for COVID-19 relief after coming into posession of 505 trillion SHIB involuntarily.

In the same month, SHIB had touched an all-time high of $0.0000388, but as of press time trades 80.51% below those levels.

At press time, SHIB was among the most mentioned cryptocurrencies on Twitter Inc’s TWTR social media platform.

SHIB Is trading higher amid a broader resurgence in cryptocurrencies, as well as meme tokens, with DOGE up 26.15% for the week. 

Over 24 hours the veteran Shiba Inu-themed cryptocurrency rose 4.69% to $0.25.

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