\'Dogecoin Killer\' Shiba Inu SHIB/USD Treads Water Despite Market Rally, Raising Curiosity if the Meme Coin Remains Bullish or Bearish

Shibburn data shows the burn rate spiking 545.3% in the past 24 hours, with a total of 10.3 million SHIB coins burned.

Shiba Inu (CRYPTO: SHIB) ‘dogecoin killer' meme coin price showed little to no movement despite a rally in the broader market, leaving traders wondering if the meme coin is still bullish or bearish.

Shiba Inu Burn Rate Skyrockets: Shibburn data showed the burn rate spiking by 545.3% in the past 24 hours. A total of 10,333,733 SHIB coins were burned.

In the past 19 hours, four transactions burned over 1.4 million coins each. One transaction alone burned 7,033,733 SHIB coins.

Shiba Inu Community Petitions Binance To Burn SHIB: The community officially petitioned Binance to burn SHIB, requesting the Shib Army to show support by signing the petition.

The petition, initiated by Labib, a ShibArmy member, aims to collect 50,000 signatures. As of July 19, the petition had received 111 signatures.

It requests Binance to implement a daily burn mechanism of 1% for all Shiba Inu token transactions. The aim is to push the meme coin price higher for long-term sustainability.

Shiba Inu Price Action: In the past 24 hours, SHIB was trading down by 0.4%, bringing its seven-day losses to 1.7%.

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