In what unfolds as an optimistic event within the cryptocurrency realm, Shiba Inu, the self-proclaimed Dogecoin killer, recorded a phenomenal surge in its monthly burn rate as March concludes and April kicks in. This promptly piqued the attention of crypto market traders and investors globally, surfacing amid a remarkable rising price action witnessed by SHIB in the past 30 days that fueled optimistic market sentiments on the token.

Intriguingly, over the past month, the Shiba crypto community fueled immense investor enthusiasm, introducing a plethora of new upgrades to the meme coin’s ecosystem, escorted by the colossal burn mentioned above. Following this flurry of advancements, Shiba Inu offered remarkable monthly gains of nearly 130%. However, the token appears to be trading sideways in recent days, mirroring a consolidation phase that stirred a whirlpool of speculations among crypto market enthusiasts.

Shiba Inu Burn Fuels Bullish Market Trend?

According to the insights streamlined by Shibburn, the meme coin’s burn tracker, 15.64 billion SHIB were incinerated in March, fueling the 2330% surge in monthly burn rate. Coming as a result of 217 transactions registered by the community, the meme-based token reflected optimistic market sentiments as the supply took a substantial blow in March. Notably, the total number of tokens burnt from Shiba Inu’s initial supply now evaluates to 410.72 trillion SHIB.

15,644,329,668 $SHIB tokens have been burned in the month of March with 217 transactions. #SHIB pic.twitter.com/wCqYDGiZgj

— Shibburn (@shibburn) April 1, 2024

Simultaneously, as mentioned above, SHIB mirrored this optimism with a notable monthly surge as it traded as high as $0.44 in March, per CoinMarketCap’s data. However, as of press time, the token showcased a highly volatile movement, with its charts illustrating a consolidation phase in recent days.

Also Read: Crypto Prices Today April 1: Bitcoin At $70K, Ethereum Above $3600, PEPE & JUP Rally

Shiba Inu Price Slips

As of writing, the Shiba Inu token’s price noted a 5.48% drop in the past 24 hours and is currently trading at $0.00002887. Intriguingly, following a tight movement near the $0.00003 mark over the past seven days, a sudden dip as press time nabbed significant attention.

This price downtrend seems to align with the token’s derivatives data, which portray a substantial 11.67% drop in open interest, whereas volume jumped 4.30%. Hinting at rising trading activity and short-term trading by traders, the asset takes a bearish stage as its OI-weighted funding rate also remained considerably low, at 0.0299%.

Besides, the RSI hovered around 56, hinting at neither an overbought nor oversold phase for the asset.

Collectively, this painted an enigmatic scenario for Shiba Inu’s price action ahead, underscoring the crucial aid the meme coin’s burn mechanism offers to SHIB tokenomics. As seen above, with a staggering 2300% surge in monthly burn, SHIB noted a nearly 130% monthly upswing. Nonetheless, crypto market enthusiasts continue to extensively eye the token as bulls or bears may seize the command in the broader crypto market any moment.

Also Read: Polygon Labs CEO Attacks Layer 3 Networks, Saying They Devalue Ethereum

The post SHIB Price: Shiba Inu Monthly Burn Skyrockets 2300%, Price Rally Looms? appeared first on CoinGape.

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