Shiba Inu Community Burns 25 Mln Coins, What’s Next For SHIB?

In what comes as a remarkable event witnessed within Shiba Inu’s ecosystem today, March 15, the Shiba crypto community’s colossal transfer to a dead wallet, propelling the SHIB burn upsurge, appears to be gaining noteworthy traction across the global crypto realm. Amid this remarkable upswing witnessed in the burn rate, SHIB’s considerable fall noted today, per CoinMarketCap’s data, stirred a whirlpool of speculations among crypto market enthusiasts globally, questioning the meme coin’s contrasting price action compared to the upswing in the burn.

Meanwhile, with a nearly 200% surge witnessed by SHIB over the past month, the meme coin curated waves across the vast sea of crypto. A plethora of new features introduced within Shiba Inu’s ecosystem over the past few days further bolstered optimistic sentiments for the meme coin. However, with today’s significant dip, investors speculate over SHIB’s price action ahead.

What’s intriguing is that the meme coin’s noteworthy fall observed today comes in alignment with another thrilling phenomenon witnessed across the broader crypto market. A massive crash coming from a colossal crypto market selloff, runs in hand with SHIB’s price plunge.

Shiba Inu Community’s Bold Moves To Support SHIB

According to the insights unveiled by the tracker Shibburn, the community’s 25.16 million SHIB transfer to a dead wallet pushed the burn rate up significantly today, following its surfing in the negative area. A nearly 70% rise in the burn rate following the community’s colossal dead wallet transfer continued to showcase efforts by the meme coin’s commune to bolster SHIB’s market dynamics.

Whereas with a 2081% upswing in the weekly burn with 14.40 billion coins incinerated, Shiba Inu continued painting a bullish landscape across the broader crypto market. The community’s recent innovative pursuits, including the release of a .Shib name service, new strategic collaborations, and many others highlighted in The Shib, adds up to the market optimism on Shiba Inu.

However, the meme coin traded with considerable volatility over the past week, showcasing a massive downfall as of press time.

Also Read: $576 Million Liquidated As Bitcoin (BTC) Price Cracks 7%, More Pain Ahead?

SHIB Slips

As of writing, the Shiba Inu coin’s price jotted a substantial drop of 10.33% over the past 24 hours and is currently trading at $0.00002982. Its massive drop below the $0.00003 mark has promptly birthed a quicksand of bearishness for the meme coin, engulfing the community’s recent developmental endeavors and burning chronicles.

However, Jacob Crypto, a leading crypto market expert, recently shared the possibility of an explosive price action for SHIB in a YouTube video, pointing out a highly optimistic price point for Shiba Inu ahead. Nonetheless, the derivatives data hinted at a drop in OI-weighted funding rate and open interest, whereas volume rose considerably.

This signaled a bearish sentiment among investors with increased market activity, potentially paving the way for a price action shift ahead. Coupled with a 24-hour trading volume surge of 33.56% and technical indicators hinting at a buying sentiment, crypto market enthusiasts expect future price action shifts to be imminent.

Also Read: Crypto Prices Today March 15: Bitcoin Crashes To $67K, Ethereum Dips 7%, SOL, XRP PEPE Plunge