Shiba Inu Burn Soars 300% Amid SHIB ETF Buzz, $0.0001 Imminent?

In what comes as a push to boost Shiba Inu’s cryptographic venture further, the Shiba crypto community noted a colossal surge in their token’s burn rate today, garnering significant attention among crypto market traders and investors globally. As per insights unveiled by the meme coin’s burn tracker Shibburn, a nearly 300% surge in the SHIB burn rate fueled optimism for Shiba Inu’s price action ahead.

Although the token traded primarily in the red as of writing, its community’s recent advancements, continued burning, and the scaling of the $0.00003 mark collectively birthed a tidal wave of market optimism for Shiba Inu. Notably, a highly bullish sentiment for the token’s run to the $0.0001 mark has also prevailed within the market ever since SHIB broke above the $0.00001 barrier.

Meanwhile, with a potential SHIB ETF looming over the crypto horizon, the Shiba crypto community continued to showcase efforts to bring about support for an ETF with the help of Grayscale Investments, as also seen by the meme coin’s marketing lead’s post on X dated today, March 11.

$SHIB ETF

Vote : https://t.co/Wq0xJLx2Zz

— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO 🧜🏼‍♀️ (@LucieSHIB) March 11, 2024

Shiba Inu Showcases A Cyclone Of Breakthroughs

Aligning with the abovementioned chronicles orbiting Shiba Inu, market data revealed a 330.89% surge in the SHIB burn rate, with 297.19 million coins burnt over the past 24 hours. With these significant amounts of tokens destroyed, the current circulating supply totaled 582.49 trillion SHIB as of press time.

Moreover, the colossal surge in the burn witnessed today comes riding a wave of efforts displayed by the token’s community. Insights unveiled by the burn tracker hinted at substantial transfers to a dead wallet by the Shiba crypto community itself.

In a series of three transactions, the meme coin’s crypto community shifted 295.38 million tokens to a dead wallet. This action showcased the community’s continued efforts to boost SHIB’s tokenomics, further propelling optimism among crypto market enthusiasts.

A SHIB ETF petition with the help of Grayscale Investments also continued gaining significant traction across the broader crypto market, with votes in favor burgeoning. Coupled with Shiba Inu’s recent advancements, including SHEboshi, KNINE, and other recent developments, this collectively echoed an optimistic buzz for SHIB throughout the market.

However, the meme coin traded in the red today, fueling contrasting speculations among traders and investors.

Also Read: How Cardano Foundation Plans To Join Dubai In Crime Fighting

Shiba Inu Price Dips

As of writing, Shiba Inu’s price noted a substantial drop of 7.72% over the past 24 hours and is currently trading at $0.00003195. However, with a weekly surge of 41.86%, accompanied by a monthly upswing of a staggering 237.51%, the meme coin birthed immense bullish sentiments among crypto market participants.

The pump witnessed in recent days comes primarily attributed to the community’s recent advancements and continued burning, as mentioned above. Challenging a crucial resistance at $0.000034, a break above this level potentially paves the way for the token’s run to $0.00004 or even the ambitious $0.0001 mark. However, the RSI hovering at around 71 hinted at a slight overbought condition today, aligning with the SHIB’s short-term plunge.

Crypto market enthusiasts expect to see further bolstered prices for the meme coin ahead, with the continued burning, recent developments, and the SHIB ETF hype further coming into play.

Also Read: Bitcoin (BTC) Price Consolidates As ETF Issuers Eyes Crucial Week Ahead