In what comes as another remarkable event witnessed across the meme coin universe today, March 17, Shiba Inu, a prominent Ethereum-based meme coin, showcased a nearly 10% price rally, piquing the interest of crypto market enthusiasts globally. This phenomenal rally came riding a bullish wave of market optimism, aligning with today’s staggering SHIB burn upswing, per insights unveiled by the meme coin’s burn tracker, Shibburn.

Coupled with a nearly 200% price rally noted over the past 30 days, this burn upsurge and SHIB’s noteworthy pump painted a bullish landscape for Shiba Inu across the broader crypto market recently. With its recent developmental ventures further weighing in, the second-largest meme cryptocurrency continues to curate ripples across the vast sea of crypto.

Over 186 Mln Coins Burnt Fueling SHIB Rally?

According to the data revealed by Shibburn, the Shiba Inu burn rocketed 2665.33% over the past 24 hours, with 186.49 million coins destroyed. This fueled immense market optimism for the meme token as the Shiba crypto community continued showcasing remarkable efforts to boost the SHIB tokenomics, with this substantial burn upsurge further weighing in.

Meanwhile, with the meme coin’s supply constantly being hit by these burning activity surges, the law of supply and demand further stirs a hurricane of bullish thoughts on Shiba Inu. Simultaneously, the meme coin’s community’s massive transfers to a dead wallet appear to be primarily responsible for the burn rate rise jotted today.

Insights revealed by Shibburn also spotlighted two massive transactions by the Shiba crypto community to a dead wallet, aiding the burn upsurge. The first transaction showcased 167.58 million coins shifted to a dead wallet, whereas another illustrated the transfer of 16.68 million SHIB, mirroring the community’s efforts to jack up the tokenomics.

Concurrently, Shiba Inu traded in the green today, reflecting the abovementioned burn upsurge and the community’s recent developments.

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Shiba Inu’s Price Rallies

As of writing, the Shiba Inu coin’s price noted a substantial uptick of 10.44% over the past 24 hours and is currently trading at $0.0000287. With a 24-hour trading volume surge of 22.86%, further accompanied by a market cap surge of 10.30%, SHIB took a bullish stance today. However, the meme coin hit a low of $0.0000238 recently, following Bitcoin’s correctory movement slipping below the $70K mark.

Amid the meme coin rally witnessed across the broader crypto market in the past few days, digital assets like Shiba Inu, Dogecoin, Pepe Coin, and Bonk witnessed triple-digit gains. This fueled SHIB’s price to rally nearly 388%, hitting a high of $0.0000456. However, the overextended rally, accompanied by BTC’s correction, as mentioned above, triggered a notable pullback for Shiba Inu.

With today’s upward movement potentially paving the way for SHIB’s breach above $0.00003, a tide of optimism for a potential recovery trend pushing prices above the last swing high of $0.000045 and topping the $0.00005 mark prevails. The meme coin’s burning chronicles further add to this market optimism of SHIB potentially scaling greater heights.

The RSI hovering at around 57, meanwhile, hinted that the asset may be slightly overbought, whereas derivatives data signaled a mixed sentiment within the market, with open interest dropping and volume increasing. Concerning this, a close above the $0.00003 mark remains vital for SHIB for further rising price actions to be witnessed, paving the way to $0.00005.

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The post Shiba Inu Price Rallies 10% As SHIB Burn Rockets 2600%, $0.00005 Looms? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am