SHIB Price: Shiba Inu Nears $0.00003 As SHIB Burn Skyrockets 1300%, What’s Next?

Highlights

Shiba Inu's burn rate soars 1300%, fueling optimism among investors and traders.
Shiba Inu's price reflects this optimism with a considerable upswing.
On-chain metrics for the meme coin further underscore a strong market uptrend.

In a significant gust of developments, Shiba Inu, the self-proclaimed Dogecoin killer, jotted down a notable upswing in its price in its price in the past 24 hours, coming in tandem with a colossal 1300% surge recorded in the SHIB burn rate. This phenomenon piqued substantial investor attention, as the dog-based meme token recently witnessed remarkable corrections in its price, dipping as low as the $0.000024 mark over the past month. However, with the token’s price retaking an upward trajectory today, nearing the $0.00003 mark, Shiba Inu appears to have curated optimistic tides across the global crypto space.

Shiba Inu Burn Rockets Amid Market Uptrend

According to the data unveiled by Shibburn, a staggering 1344.14% surge in the burn rate comes as 135.45 million SHIB was destroyed in the past 24 hours. As Shiba Inu’s supply constantly deals with the blows with such enormous burning chronicles weighing in, market dynamics for the token further get cushioned.

In the past 24 hours, there have been a total of 135,451,536 $SHIB tokens burned and 12 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/Dls1G9gKzA

— Shibburn (@shibburn) April 9, 2024

In the interim, although the token witnessed a notable pump today, its movement over the past few days was highly volatile, keeping investors on their toes. Nonetheless, with the meme coin’s on-chain metrics underscoring a strong market uptrend for the token as of press time, SHIB curated bullish waves across the cryptocurrency landscape today.

Shiba Inu’s market cap noted a 2.28% jump, reaching $16.81 billion, whereas its 24-hour trading volume surged 12.63%, reaching $668.27 million. This garnered considerable market optimism on the meme coin despite recent price corrections and fluxes.

Also Read: SEC Extends Review of Bitcoin ETF Options on NYSE

Shiba Inu Price Soars

As of writing, the Shiba Inu token’s price noted a 6% rise in the past 24 hours and is currently trading at $0.00002855. This surge in the token’s price primarily aligns with a plethora of bullish factors, including the colossal surge in the burn rate mentioned above.

Intriguingly, Coinglass data showcased a 4.93% surge in SHIB’s open interest, whereas derivative volume jumped 10.26%. This further underlines a strong market uptrend for Shiba Inu, signaling heightened market activity and increased investor interest in the asset.

Collectively, this paints a bullish outlook for Shiba Inu in the broader crypto market. Meanwhile, Nexo, a renowned international crypto exchange, recently listed SHIB on its platform, adding on to potential factors why the price may have witnessed a considerable 6% pump.

Analysis by CoinGape Media further stresses the crucial resistance at $0.000029 for Shiba Inu. Topping this mark is potentially achievable for SHIB, provided that the meme coin continues to note the burning of such colossal amounts of coins, further accompanied by increased buying pressure in the market. This would potentially pave the road for further gains, with crypto market enthusiasts eyeing the token extensively for future price action shifts as a splash of hope for altcoins persists with the upcoming BTC halving.

Also Read: BitMEX CEO Arthur Hayes Predicts BTC Price Slump After Bitcoin Halving

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Coingapestaff

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