Shiba Inu’s Burn Rate Surge Sparks Investor Interest
After a week marked by impressive gains, Shiba Inu experienced a notable surge in its burn rate yesterday, attracting attention from crypto enthusiasts worldwide.
The tracker Shibburn revealed a staggering 15,596% increase in SHIB burn rate over the past 24 hours, sparking bullish sentiment among traders and investors. With over 13 billion SHIB tokens burned, the coin’s supply continues to diminish, while significant amounts of Bone and Leash tokens were also burnt, drawing global interest.
SHIB traded positively at the time of reporting, in line with the increased burn rate. Recent advancements within the Shiba Inu community, amidst a broader rally in meme coins, contributed to the notable price surge from $0.00001 to $0.00004, reflecting optimism for its future trajectory, particularly targeting the $0.0001 mark.
Shibburn data for March 9 showcased a remarkable 13.61 billion SHIB coins burnt, indicating sustained efforts by the community to enhance SHIB tokenomics. A large portion of this burn can be attributed to community transfers to a dormant wallet, igniting investor enthusiasm and positive speculation on SHIB’s price movement.
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Additionally, key members of the Shiba Inu team, including Ragnar Shib and Kusama, highlighted significant burn transactions for Bone, Leash, and SHIB tokens, reinforcing support for the ecosystem’s tokens and indicating further developments.
As of the latest update, Shiba Inu’s price surged by 6.41% in the past 24 hours, reaching $0.00003551, with a notable increase in trading volume and market capitalization. Ranked eleventh by global market cap data, Shiba Inu continues to attract significant attention within the crypto community. However, with the Relative Strength Index (RSI) indicating an overbought condition, investors anticipate potential consolidation phases despite the bullish sentiment driven by burn rate surges and recent advancements. A breakthrough above the $0.000035 resistance level could pave the way for a run toward the optimistic target of $0.0001, although profit-taking actions might also occur.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
