Shiba Inu Burn Rockets 15000% As 13 Bln SHIB Destroyed, $0.0001 Imminent?
Following a remarkable week witnessed by Shiba Inu as its price soared nearly 70% in the past seven days, a noteworthy surge in the meme coin’s burn rate noted today appears to be gaining significant traction among crypto market enthusiasts across the globe. As per insights unveiled by the tracker Shibburn, a staggering 15,596% surge in the SHIB burn rate noted in the past 24 hours fueled immense bullishness among crypto market traders and investors regarding the meme coin’s price action ahead. With over 13 billion SHIB destroyed, per the data, the meme coin’s supply continues to take a hit. Simultaneously, a significant amount of Bone and Leash tokens burnt further nabbed global attention.
Meanwhile, SHIB traded in the green as of press time, aligning with the surge in burn rate witnessed. The substantial pump noted by Shiba Inu in recent days also comes attributed to a plethora of advancements showcased by the meme coin’s community recently amid a meme coin rally witnessed across the broader crypto market. With its surge from the $0.00001 to an impressive $0.00004 mark recorded recently, the meme coin continues mirroring optimism orbiting its optimistic $0.0001 level.
Shiba Inu Burn Ignites Optimism Amid Community’s Advancements
According to the data revealed by Shibburn, the Shiba crypto community registered a whopping 13.61 billion coins incinerated over the past 24 hours today, March 9. With 410.72 trillion coins burnt from SHIB’s initial supply, the community’s efforts to boost SHIB tokenomics continues to reflect optimism.
Intriguingly, the remarkable surge in burn rate appears to have been primarily due to the community’s SHIB transfers to a dead wallet. Over 13 billion coins shifted by the community, per the data by Shibburn, sparked immense enthusiasm among investors, fueling positive thoughts on SHIB’s price action.
Meanwhile, amid the phenomenal SHIB burning, a prominent member of Shiba Inu’s team, Ragnar Shib, spotlighted a Bone and Leash burning transaction along with two massive SHIB burn transactions. This additionally fueled positivity in the community’s endeavors to support not only SHIB but also its ecosystem’s tokens. Intriguingly, even Kusama, Shiba Inu’s lead developer, today, hinted at the first Leash burn ever, aligning with Ragnar’s post, further showcasing the meme coin’s revolutionary cryptographic venture.
There were 4 transactions for burns in the dead wallet. 2 transactions for burning #Shib one transaction for burning #Leash and one more for burning #Bone pic.twitter.com/SU4YcfNXhy
— RagnarShib.eth (@RagnarShiba) March 9, 2024
SHIB’s price action continues to reflect the optimism sparked by the aforestated chronicle today.
Shiba Inu Price Jumps
As of writing, the Shiba Inu price noted a substantial jump of 6.41% over the past 24 hours and is currently trading at $0.00003551. The meme coin’s 24-hour trading volume surged 33%, whereas the market cap soared 6.35%.
With its recent scoring of the eleventh spot on the top coins by global market cap list, per CoinMarketCap’s data, Shiba Inu garnered significant attention among crypto market fanatics globally. The RSI, hovering around 83, hinted at an overbought condition, further aligning with the meme coin’s witnessed price rally.
Crypto market enthusiasts expect to see further bolstered SHIB prices with the burn rate surge and recent advancements further weighing in. As SHIB’s supply continues to take a hit with burning of tokens, a bullish sentiment for the meme coin prevails. Accompanied by the coin’s run nearing the $0.00004 mark, a pivotal shift awaits as a break above the $0.000035 resistance level potentially paves the road for SHIB’s run to the highly optimistic $0.0001 level. However, an overbought condition also signaled at chances of a consolidatory phase ahead, as investors may want to turn profits by selling.
Also Read: Bitcoin (BTC) Bulls and Bears In Tight Fight, Altcoins to Lead Next Rally?
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Filed under: News - @ January 1, 1970 12:00 am