MEXCShiba Inu Burn Rate Jumps 1300% Sparking Recovery Hope, SHIB Price to Hit $0.000081?
Highlights
- Shiba Inu burn rate sparks optimism despite the ongoing crypto market turmoil.
- Roughly 30 million coins were removed from the circulating supply again.
- SHIB price outperforms BTC & ETH, trading in the green amid broader volatility.
Shiba Inu’s burn rate nabbed significant investor attention in the midst of a broader market turmoil on Thursday. The latest burn metrics signaled that over 30 million tokens were sacked from the asset’s circulating supply, resulting in a 1300% uptick. Meanwhile, with a top crypto market analyst further highlighting the chances of a potential 450% pump in SHIB price amid the burn rate surge, market sentiments have shifted to bullish.
Shiba Inu Burn Rate Skyshots 1300%: What This Means?
As per data from the official tracker Shibburn on X, Shiba Inu burn rate spiked 1306% on February 27. This colossal upswing comes against the backdrop of 30.15 million tokens ditched from the crypto’s circulating supply in a day.
For context, the meme coin’s burn mechanism focuses on sending tokens to a null address. This phenomenon makes their retrieval impossible, thereby killing the supply and bolstering tokenomics.
How Many Tokens Burned To Date?
As an upshot, market watchers reflect substantial optimism surrounding SHIB price prospects, given a whopping 410.744 trillion coins have burned to date. The circulating supply as of press time totaled 584.32 trillion tokens.
It’s also noteworthy that 257.65 million tokens were burned this month (February), per Shiba burn statistics. As a response, traders and investors reflect considerable bullishness surrounding the meme coin’s price despite the ongoing crypto market blues.
Can Shiba Inu Price Hit $0.000081?
As of press time, Shiba Inu’s value today witnessed a 3% jump and exchanged hands at $0.00001469. The coin hit an intraday bottom and peak of $0.00001377 and $0.0000147, respectively.
Intriguingly, the Shiba Inu burn rate surge appears to be aiding the meme coin in outperforming BTC and ETH amid broader market volatility, as also spotlighted by community member SHIB KNIGHT on X. While Bitcoin & Ethereum witnessed alarming dips amid Donald Trump’s new EU tariffs, the Ethereum-based meme token jumped.
Further, renowned market analyst Javon Marks also took to X, citing bullish historical trends that indicate gains ahead. The analyst reveals that SHIB price continues to hold its breakout, which took place in late 2022/early 2023. “With this price breakout holding, the target for Shib continues to be at the $0.000081 point, which is currently over 450% away,” the analyst concluded. Overall, market watchers remain highly bullish surrounding the meme coin’s long term prospects, given the abovementioned market statistics.
- Crypto Market Tumbles as Jerome Powell Says December Rate Cut ‘Far From Certain’
- FOMC Meeting: Federal Reserve Lowers Interest Rates by 25 Bps in Second Cut of the Year
- WLF Token Jumps 7% as Former Robinhood Counsel Joins Trump-Backed World Liberty Financial
- Changpeng Zhao “CZ” Warns Investors “Don’t Buy” Golden Statue Meme Coin After 27,000% Surge
- Markets Expect October Fed Rate Cut as Bitcoin Repeats Post-FOMC Pattern
- Ethereum Price Flips BTC in Strategy Shift, Eyes $4500 Level
- Expert Predicts XRP Price to Hit $10 as Elliot Wave, XRPR ETF Inflows Align
- HYPE Price Prediction as 21Shares Files S-1 for Hyperliquid ETF—Can Bulls Push HYPE to $60?
- Bitcoin Price Rally Bound? How the Fed’s Move May Unleash Crypto
- Can ASTER Price Rebound 50% as Whale Activity and Bullish Pattern Align?
- Pi Network Patterns Point to More Gains Despite Manipulation Claims
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
