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.
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
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
- Ethena Labs Secures Fresh Funding From ArkStream Capital, ENA Price Spikes
- SEC Forms International Task Force to Crack Down on Pump-and-Dump Schemes
- Justin Sun Pledges $20M Buy Following WLFI Wallet Freeze
- Expert Blames ‘Secret Committee’ for Rejecting MSTR Stock Inclusion to S&P 500
- MARA Bitcoin Treasury Nears $6 Billion, Trails Only Strategy in Public Rankings
- Chainlink Price Eyes $55 as Reserve Holdings Jump With 43,937 LINK Addition
- Cardano Price Targets 30% Surge as Top Economist Calls for Fed Cut
- ETH Price Forecast as Grayscale’s Covered Call Ethereum ETF Spurs Optimism — Is $8,500 in Sight?
- Bitcoin Price Prediction as SEC Unveils Agenda for Crypto Regulation — Is $200K Next?
- ONDO Price Prediction Amid Bitget Collaboration on Tokenized Stocks and ETFs: Is $2 Next?