Shiba Inu Burn Rate Soars 30000%, Will SHIB Maintain Rally?

Shiba Inu, an Ethereum-based meme coin, propels optimism with a 30,000% surge in its burn rate. This garnered attention to SHIB price.
By Coingape Staff
SHIB Burn Skyrockets 3600% Amid Shiba Inu ETF Buzz

Highlights

  • Shiba Inu's burn rate soars 30,000% propelling optimism.
  • Burn rate surge further aligns with the community's recent developments, mirroring efforts to jack up the coin's tokenomics.
  • Shiba Inu price soars as of press time with market data fueling speculations.

Following a remarkable month witnessed by Shiba Inu, one of the most renowned meme coins functioning atop the Ethereum blockchain, the dog-based meme token’s burn rate soared over a staggering 30000% today, March 1, nabbing global attention. This surge in burn rate promptly gained significant traction among crypto market traders and investors globally as Shiba Inu pumped phenomenally over the past few days, trading as high as $0.000014.

Amid this pump witnessed by Shiba Inu, its community boasted a colossal surge in the SHIB burn rate, as mentioned above, illustrating efforts to jack up the coin’s tokenomics. With 3.75 million SHIB destroyed over the past 24 hours, the meme coin’s supply continues to take a hit, birthing further bullish thoughts among crypto market enthusiasts across the globe.

Advertisement
Advertisement

Shiba Inu Burn Ignites Optimism

According to the data revealed by the burn tracker Shibburn, with the 30187% surge in burn rate today, the total tokens burnt from Shiba Inu’s initial supply now lingers somewhere around 410.70 trillion SHIB with a circulating supply of 581.65 coins. The continued reduction in SHIB’s supply comes as an effort to bring about a price action shift for Shiba Inu amid a flurry of other additional advancements brought upon by the community.

As reported by CoinGape Media earlier, a plethora of new features were introduced to Shiba Inu’s ecosystem, further showcasing the community’s efforts to pump its ecosystem’s tokens. These developments included the inception of SHEboshi, the imminent launch of KNINE, a partnership with Zama, and many others.

The aforementioned developments and the continuous burning of SHIB collectively painted a bullish climate for Shiba Inu among crypto market traders and investors across the crypto horizon.

Also Read: Ethereum Scaling Network Blast Goes Live, $2.3B Freed

Advertisement
Advertisement

Shiba Inu Price Jumps

As of writing, the Shiba Inu coin’s price noted an upswing of 3.78% over the past 24 hours and is currently trading at $0.00001266. The meme coin’s topping of the $0.000014 mark yesterday sparked immense optimism for the token, mirroring the community’s recent advancements and continued burning of SHIB. With a 76.63% surge in the trading volume in just 24 hours, the meme coin continues to draw attention to itself.

Derivatives data unveiled by Coinglass hinted at an uptrend in the market, aligning with Shiba Inu’s pump witnessed today. With a 4.64% rise in the token’s open interest and a 66.88% surge in volume, an uptrend continues to prevail in the broader crypto market. The OI-weighted funding rate at 0.1194% further hinted at investors’ and traders’ readiness to invest more in long positions in the asset, birthing additional bullishness on Shiba Inu.

Crypto market enthusiasts expect to see further bolstered prices with the aforementioned developments weighing in. However, the RSI hinted signaled an overbought condition, suggesting a price correction may be looming.

Also Read: Vanguard CEO to Retire, Will The Firm Rescind its Anti-Bitcoin ETF Policy?

Advertisement
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.