Shiba Inu, one of the most popular meme-based cryptocurrencies, nabbed significant investor attention today, March 29, as its price continued to soar remarkably. Amid this notable price jump witnessed by SHIB, two attention-grabbing chronicles appear to have emerged within the cryptocurrency sector.

The Shiba Inu community reacted to Binance’s post on X that stated everyone to be an NFT, whereas in another saga, an enormous amount of tokens burnt by the meme coin’s community added a dash of market optimism to Shiba Inu. These events nabbed significant investor attention, aligning with SHIB’s recent NFT venture, SHEBoshi, and the constant blow SHIB’s supply deals with following the community’s burn endeavors.

Did @binance just call us NFT’s? https://t.co/HSrUc8yFf7 pic.twitter.com/aGmHx1lwCZ

— Shib (@Shibtoken) March 28, 2024

Intriguingly, burn insights surfacing across the crypto landscape showcased over 51 million tokens burnt collectively over the past 24 hours. Shiba Inu’s price promptly mirrored the impact of this significant burn, continuing to trade in the green as of press time.

Shiba Inu Burn Seasons Optimism

According to Shibburn’s insights, the Shiba crypto community stirred market optimism, burning 39.64 million SHIB today. This appears to be responsible for the lion’s share that propelled today’s burn-upswing, although other transactions aided in the collective burning of nearly 51 million coins, as mentioned above.

With over 410 trillion SHIB destroyed to date, Shiba Inu’s burn mechanism continues to curate waves across the cryptocurrency space. Meanwhile, this measure embarked upon by the community primarily comes as an effort to jack up SHIB’s market tokenomics.

Aligning with this, Shiba Inu sparkled with optimism today, as its price continued to trade in the green, with market dynamics further stirring a whirlpool of speculations.

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Shiba Inu Jumps

As of writing, the Shiba Inu token noted a 3.80% in the past 24 hours and is currently trading at $0.00003108. Following remarkable burning chronicles and advancements ventured upon by the self-proclaimed Dogecoin killer, the SHIB token emerged as a promising cryptocurrency among investors amid this year’s crypto market bull run.

However, on-chain data unveiled by Coinglass showcased a 7% drop in SHIB’s derivatives volume and a dip in OI-weighted funding rate, whereas open interest soared 5.69%. This showcased reduced market activity with less readiness among investors to invest more in long positions or leveraged positions, although money inflow in the market continued to increase, fueling a whirlpool of mixed sentiments among investors.

Meanwhile, an analysis by CoinGape pointed out that Shiba Inu traded in the ascending trend over the past few days and noted the constant burning of tokens. This sparked significant investor optimism. Facing a resistance level at $0.000032, a break above this barrier can potentially fuel SHIB’s price towards $0.00004, also pushing the token to reach unprecedented heights of $0.01. However, as on-chain metrics showcase a mixed market dynamic, with both bulls and bears acting up, crypto market enthusiasts continue to extensively eye the token.

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The post Shiba Inu Community Reacts As Binance Calls Everyone ‘NFTs,’ SHIB To Reach $0.01? appeared first on CoinGape.

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