Shiba Inu Price Increased 10%, SHIB Rockets Burned 2500%, $0.00005 Arrived?
In another remarkable event witnessed in the meme coin universe today, on March 17, the leading Ethereum-based meme coin shiba inu exhibited a price increase of approximately 10%, attracting the attention of crypto market enthusiasts worldwide. This extraordinary rally came on a rising tide of market optimism in line with today’s astonishing SHIB burn rise, according to information revealed by meme coin’s burn tracker Shibburn.
This rise, combined with an almost 200% price increase in the last 30 days, and SHIB’s significant pump have painted a bullish landscape for Shiba Inu in the broader crypto market lately. The second-largest meme cryptocurrency continues to improve the fluctuations in the vast sea of crypto, further adding to the weight of its recent development initiatives.
Did Over 186 Million Coins Burned Fuel the SHIB Rally?
According to data revealed by Shibburn, Shiba Inu burning skyrocketed by 2665.33% in the last 24 hours and 186.49 million coins were destroyed. This has fueled tremendous market optimism for the meme token, with the Shiba crypto community continuing to make notable efforts to increase their SHIB tokenomics, further aggravating this serious burn.
Meanwhile, the law of supply and demand further stirs up the whirlwind of bullish sentiment on the Shiba Inu as the supply of meme money is continually impacted by these burning increases in activity. Simultaneously, massive transfers from the meme coin community to a dead wallet appear to be primarily responsible for the increase in burn rate noted today.
Information uncovered by Shibburn revealed that two large transactions from the Shiba crypto community to a dead wallet also helped fuel the burn. The first transaction showed the transfer of 167.58 million coins to a dead wallet, while another showed the transfer of 16.68 million SHIB, reflecting the community’s efforts to increase the tokenomy.
Simultaneously, Shiba Inu traded in the green today, reflecting the aforementioned burn increase and the community’s recent developments.
Also Read: Bitcoin ETF: Jim Bianco Defends Vanguard’s CEO From Critics
Shiba Inu Price Increases
As of writing, the price of Shiba Inu coin has recorded a significant increase of 10.44% in the last 24 hours and is currently trading at $0.0000287. With a 22.86% increase in 24-hour trading volume and an additional 10.30% increase in market capitalization, SHIB maintained a bullish stance today. However, the meme coin recently dropped to as low as $0.0000238 following Bitcoin’s correction move below the $70,000 level.
Amid the meme coin rally witnessed in the crypto market in the last few days, digital assets such as Shiba Inu, dogecoin, pepe Coin and bonk witnessed triple-digit gains. This caused the price of SHIB to rise by almost 388% to $0.0000456. However, as mentioned above, the overextended rally combined with BTC’s correction triggered a significant pullback for the Shiba Inu.
While today’s upside move could potentially lead to SHIB rising above $0.00003, there is a wave of optimism regarding a potential recovery trend that will push prices above the recent rally of $0.000045 and above $0.00005. The burning chronicles of meme money further fuel market optimism that SHIB will potentially surge higher.
Meanwhile, the RSI, hovering around 57, suggested that the asset may be slightly overbought, while derivatives data signaled mixed sentiment in the market, with open interest falling and volume increasing. Relatedly, a close above the $0.00003 level will be vital for SHIB to witness further bullish price movements, paving the way towards $0.00005.
Also Read: AI News: UK MPs Promise to Fight AI Deepfakes
✓ Share:
parofix consists of an experienced team of local content writers and editors who work around the clock to cover the news globally and present the news as a fact rather than an opinion. parofix writers and reporters contributed to this article.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
#Shiba #Inu #Price #Increased #SHIB #Rockets #Burned #Arrived