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

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.

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.

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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.

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