Shiba Inu Burn Rockets 2000% As Community Burns 93 Mln SHIB, What’s Next?

After shedding a zero, Shiba Inu propelled market optimism as its burn rate soared nearly 2000%, pushing SHIB price rally.
By Coingape Staff
Updated February 29, 2024
Shiba Inu Update: SHIB Exec Fumes At Elon Musk Over X's Security Concerns

Highlights

  • Shiba Inu's burn rate nabbed noteworthy attention with a nearly 2000% surge.
  • Burn rate surge propels optimism, aligning with the community's recent endeavors.
  • Shiba Inu pumps, mirroring the burn rate surge and developments.

Amidst a flurry of advancements witnessed across the Shiba Inu ecosystem recently, the sudden and colossal jump in the SHIB burn rate appears to be garnering noteworthy attention among crypto market enthusiasts across the globe. Insights offered by Shibburn illustrate a staggering 1913.95% surge in Shiba Inu’s burn rate today, February 28. This jump in burn rate showcased the SHIB supply taking a significant hit, propelling optimism for the token, aligning with SHIB’s price.

Meanwhile, the SHIB coin continued its upward movement following the shedding off a zero from its value yesterday, February 27. The derivatives data for the Ethereum-based meme coin further showcased an uptrend prevailing in the market.

Advertisement
Advertisement

Shiba Inu Burn Upswing Amid Advancements Mirrors Optimism

According to Shibburn’s data, the Shiba Inu community jotted down the destruction of a whopping 102.76 million SHIB over the past 24 hours. This sparked immense curiosity among crypto market traders and investors globally as Shiba Inu’s supply took a severe hit, with the aforementioned burning chronicle weighing in. The total number of coins burnt from Shiba Inu’s initial supply now totals 410.70 trillion, arising as a consequence of the burning above. The Shiba crypto community continues showcasing efforts to jack up the SHIB tokenomics with this burning saga.

Intriguingly, the first major SHIB burn surfaced when Vitalik Buterin, the founder of Ethereum, burnt 41% of the supply in June 2021.

Meanwhile, the surge in SHIB burn rate also emerged amidst the cyclone of breakthroughs SHIB’s community brought about. The launch of SHEboshi along with its listing, K9 Finance’s partnership and the imminent launch of the KNINE LSD (Liquid Staking Derivatives) token, among many others, come under the umbrella of Shiba Inu’s developments.

Aligning with these developments and SHIB’s continued incineration, the community’s native coin SHIB’s price, showcased phenomenal gains recently.

Also Read: Bitcoin ETFs Clock $2 Billion Trading Volume for Second Day, BlackRock Sets New Records

Advertisement
Advertisement

Shiba Inu Price Maintains Pump

As of writing, the Shiba Inu price maintained its upward trajectory, surging 6.33% over the past 24 hours, reaching $0.00001087. Notably, the meme coin’s 24-hour trading volume and market cap also surged 167.37% and 6.33%, respectively.

Coinglass‘ derivatives data showcased a 5.65% upswing in the token’s open interest, whereas volume surged 160.48%. This signaled an uptrend prevailing in the market, mirroring the pump noted by Shiba Inu. With substantial new money entering the market and heightened market activity, investors appear to be portraying bullish thoughts on SHIB.

Crypto market enthusiasts expect further pumps in the token, aligning with SHIB’s continued supply depletion and the community’s recent developments.

Also Read: Justin Sun’s $1.6B HTX Holdings Eclipse Half of Exchange Reserves

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.