SHIB Price Rises in Last 24H Following Launch of Burn Portal

One of the biggest meme coins in the crypto space, Shiba Inu (SHIB), has risen nicely in the last 24 hours according to CoinMarketCap. The price of SHIB is up 7.52% in the last 24 hours. Compared to its weekly dip of 2.52%, SHIB has recovered nicely from a period when almost the entire crypto market had experienced a slight retracement.

Ranked as the 15th biggest crypto project by market cap, the 24-hour trading volume of SHIB is $1.07B – an astonishing 91% increase. The market cap of SHIB currently stands at $13,305, 626,520.

When looking at SHIB’s strength against Bitcoin (BTC) and Ethereum (ETH), which are currently the biggest projects by market cap, SHIB has strengthened by almost 2% against BTC and just over half a percent against ETH.

The number of new SHIB holders has also been increasing steadily day by day over the last week. Between April 20, 2022 and April 26,2022 the number of holders has gone from 1,134,162 to 1,139,029. The number of total SHIB addresses stands at 1,139,029, with 14,645 of these addresses being active in the last 24 hours.

The increase in SHIB’s price could be due to the recent launch of the SHIB Burn Portal. The aim behind the portal is to increase the scarcity of SHIB, and has already received participation from a large portion of the SHIB community, also known as the SHIB Army. As SHIB burning continues, the price of the meme coin will likely continue to increase.