Shiba Inu (SHIB), a renowned meme coin teased to be the self-proclaimed Dogecoin killer, propelled boundless optimism among crypto market traders and investors today, as its burn rate surged roughly 2200%. Emerging amidst the token’s reflection of a notable market uptrend, this surge in the SHIB burn rate has ignited a bullish fire among crypto market enthusiasts, stirring speculations over a rising price trajectory ahead.

Meanwhile, SHIB traded in the green as of press time, although the token also recorded a couple of brief dips in the red territory over the past day. Nonetheless, with a colossal upswing in the dog-based meme token’s burn rate, further accompanied by a cache of bullish factors, SHIB sparkled with optimism today, April 24. Weighing in on this, crypto market enthusiasts expect a bolstered price action for SHIB despite its sideways trading against the $0.000027 mark in the past few days.

Shiba Inu Burn Births Bullishness

According to Shibburn’s data, the Shiba Inu brun rate surged 2211.89% in the past 24 hours as 1.84 million coins were incinerated. This primarily positions as a bullish event due to SHIB’s supply dealing with the blow, which, in turn, jacks the token’s market dynamics. 

Intriguingly, the Shiba crypto community has witnessed the destruction of a staggering 410.726 trillion SHIB to date, primarily attributed to the meme coin’s burn mechanism. Falling in line with this, the current circulating supply is evaluated to be 582.86 trillion SHIB, underscoring the meme coin’s revolutionary cryptographic venture that aims to kill SHIB’s excessive supply, bolstering the token’s demand and price.

Simultaneously, SHIB traded in the green as of press time, with its on-chain data further shrouding it in a bullish cloud.

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Shiba Inu Price Springs

As of writing, the Shiba Inu token noted an upswing of 0.92% in the past 24 hours and is currently resting at $0.00002704. The token’s 24-hour lows and highs are $0.00002629 and $0.00002796 respectively, mirroring a sideways trading period, as mentioned above.

However, when aligned with the token’s price jump today, the derivatives data reinforced a strong market uptrend for SHIB. Notably, Coinglass data revealed a 9.53% upsurge in the meme coin’s open interest, accompanied by a derivatives volume rise of 29.04%. This hinted at an increased number of investors tuning in to the asset, further anchoring the token’s optimistic stance in the market.

Meanwhile, an analysis by CoinGape Media spotlighted vital market dynamics for SHIB, illustrating that should bulls prevail in the market, as of now, the token could potentially hit $0.000036 ahead. Further, another report spotlights a massive on-chain whale transaction for Shiba Inu between unknown wallets today, somewhat aligning with investors’ increased interest in the asset. This paints an optimistic scenario for Shiba Inu ahead, although crypto market enthusiasts continue to exercise caution against the turbulent nature of the crypto realm.

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The post Shiba Inu Coin: SHIB Burn Spikes 2200% Igniting Bullish Sentiments, $0.000036 Ahead? appeared first on CoinGape.

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