Shiba Inu (SHIB) joins the major Solana-centered exchange Backpack ranks, boosting its adoption. Meanwhile, SHIB skyrockets 569% in critical metrics, with 12.7 million Shiba Inu scorched in 24 hours.
Shiba Inu (SHIB) Listed on Solana-Focused Backpack Exchange, Boosting Its Reach and Popularity
Shiba Inu (SHIB) fans have a new reason to celebrate, as the famous meme-inspired cryptocurrency has been listed on Backpack, one of the trendiest exchanges. The announcement, made in an official post from the Shiba Inu X account, is a significant milestone for the coin, allowing it to reach a larger audience of investors and traders.
According to U.Today, Backpack, a developing centralized cryptocurrency exchange focusing on the Solana ecosystem, was founded in 2024, coinciding with the return of blockchain. The exchange has quickly established itself as a significant player in the cryptocurrency exchange market. It has licenses to operate in key territories like the UAE, the United Kingdom, and numerous European countries. It also hosts several substantial prizes.
Tying the exchange to Solana’s burgeoning ecosystem has proven successful, drawing significant investment and contributing to the platform’s expansion. The Backpack exchange now has a total of $126.24 million in deposits. With less than 20 cryptocurrencies listed on the site, SHIB’s participation demonstrates the token’s popularity and widespread use.
Backpack’s listing is a significant milestone for Shiba Inu lovers since it adds another option to acquire and trade the meme token. This move expands the availability of SHIB and makes the Shiba Inu cryptocurrency available to Solana ecosystem aficionados, increasing acceptance and consolidating its role as a dominant player in the crypto market.
SHIB Army Burns 12.7 Million Coins in 24 Hours, Skyrocketing Burn Rate by 569%
On May 22, the SHIB army will try to reduce the circulating supply of meme currency. Since May 21 morning, it has burned an incredible amount of SHIB, keeping the burn rate high.
According to recent publicly available numbers from the Shibburn explorer, 12,702,169 SHIB meme coins were destroyed in the previous 24 hours due to the community’s collective efforts. While this is the equivalent of a small quantity in fiat, $331.02, it represents a significant daily contribution from the SHIB community to total SHIB burning.
In this manner, they have already transferred 410,726,436,823,094 SHIB to unspendable blockchain wallets. The nocturnal burn increased the day burn rate by 569.98%. So far, there have been 17 burn transactions, with the largest sending 3,081,664, 2,126,681 SHIB, and many 1,000,000 SHIB chunks to dead-end addresses.
Over the last seven days, the weekly burn level has decreased by 71.87%, with 40,412,565 SHIB withdrawn from circulation.
589,273,563,176,905 SHIB are circulating in the large and diverse cryptocurrency market.
Meanwhile, the second-largest meme cryptocurrency in market capitalization value remains in a range, hoping to break out. With a strong support level at $0.000022, the famous meme coin faces a strong resistance level at $0.000026, where it has been striving to spike and hold – but to no effect thus far.
Over the previous week, SHIB has undergone different volatility curves, with numerous price drops and surges. Over the last 24 hours, the asset has gained more than 6%, from $0.00002515 to $0.00002628. However, a pullback to $0.00002548 resulted in a 5.17% drop. The coin has recovered 2.53% and is trading at $0.00002613 as of this writing.
The Shibariumscan explorer has shown a massive rise in transaction volume during the last few days. The transaction count fell to 6,000 on May 14, then increased by 209.33% on May 20, reaching 18,560 transactions. Currently, this metric is at 10,900.
Photo: Microsoft Bing
