TL;DR

Shiba Inus team and community removed more than one billion tokens from the circulating supply in the last 24 hours. However, SHIBs price remains in red territory on a weekly scale.

The Burning Goes Through the Roof

The second-largest meme coin, Shiba Inu, saw its burn rate skyrocket by approximately 7,200% in the past 24 hours. This resulted in over 1.1 billion tokens being sent to a null address.

While the USD equivalent of the destroyed stash is insignificant, continuous efforts in the field will reduce the circulating supply of SHIB, making it more scarce and possibly more valuable in the future (should demand increase or remain constant).

Another bullish factor worth mentioning is Shiba Inus exchange netflow. According to CryptoQuants data, outflows have exceeded inflows in the last week, suggesting a potential shift from centralized exchanges toward private wallets. This, in turn, reduces the immediate selling pressure.

Despite the positive developments, the price of the meme coin has underperformed on a weekly scale. It currently trades at around $0.00001876 (per CoinGeckos data), representing an 8% decline for that timeframe.

SHIB Price, Source: CoinGecko

Hows the Big Rival Doing?

The undisputed leader in the meme coin sector Dogecoin (DOGE) has performed quite similarly to SHIB in the past seven days. Its price has tumbled by approximately 9% to the current $0.33. 

DOGE Price, Source: CoinGecko Nonetheless, crypto X is rammed with analysts who believe that a massive DOGE rally is incoming. The X user Lucky recently told his over two million followers that the meme coin is gaining serious momentum. They suggested that Dogecoins next potential rally would be epic, claiming that the $1 milestone is just a matter of time.

Earlier this week, Ali Martinez wondered how some could bet against DOGE since at any moment it could explode by a staggering 900% in just 48 hours. Such a rally would mirror the assets performance at the end of January 2021, when the valuation exploded by triple digits in a few days. 

Meanwhile, the meme coin might receive a serious price boost should the US Securities and Exchange Commission (SEC) approve Bitwises intention to launch a spot DOGE ETF in America. The investment vehicle will give people more options to gain exposure to the meme coin, which could positively reflect its performance.