Shiba Inu Rockets Burned 15000%, 13 Billion SHIBs Destroyed, Will It Approach $0.0001?
After a remarkable week in which the price of the shiba inu increased by almost 70% in the last seven days, the notable increase in the meme coin’s burn rate recorded today appears to be gaining significant traction among crypto market enthusiasts around the world. According to insights revealed by follower Shibburn, the staggering 15,596% increase in the SHIB burn rate in the last 24 hours has led to a huge bullishness among crypto market traders and investors regarding the upcoming price movement of the meme coin. According to data, more than 13 billion SHIBs have been destroyed and the supply of the meme coin continues to take a hit. The simultaneous burning of a significant amount of Bone and Leash tokens further increased global interest.
Meanwhile, SHIB was traded in the green as of press time, in line with the increase in the burn rate witnessed. The significant rise recorded by the Shiba Inu in recent days is also attributed to the slew of advances recently exhibited by the meme coin community, amidst a meme coin rally witnessed in the broader crypto market. With its recent rally from the $0.00001 high to an impressive $0.00004, the meme coin continues to reflect optimism as it orbits the optimistic $0.0001 level.
Shiba Inu Burn Sparks Optimism Amid Advances in Society
According to data released by Shibburn, the Shiba crypto community recorded that a massive amount of 13.61 billion coins were burned in the last 24 hours on March 9. With 410.72 trillion coins burned from SHIB’s initial supply, the community’s efforts to increase SHIB tokenomics continue to reflect optimism.
Surprisingly, the notable increase in the burn rate appears to be mainly due to the community’s SHIB transfers to a dead wallet. According to data from Shibburn, over 13 billion coins have been shifted by the community, generating great excitement among investors, fueling positive sentiments about SHIB’s price action.
Meanwhile, in the midst of the extraordinary SHIB burn, Ragnar Shib, one of the leading members of the Shiba Inu team, pointed out two massive SHIB burns, as well as a Bone and Collar burn. This has also increased the positivity in the community’s efforts to support not only SHIB but also its ecosystem’s tokens. Interestingly, today even Kusama, lead developer of Shiba Inu, hinted at the first ever Collar burning in line with Ragnar’s post, further showcasing the meme coin’s revolutionary cryptographic initiative.
SHIB’s price action today continues to reflect the optimism sparked by the aforementioned chronicle.
Also Read: Crypto Prices Today March 9: Bitcoin Closes to $68K, Ethereum near $4K, FLOKI Gains 50%, pepe Gains 20%
Shiba Inu Price Increases
As of press time, the Shiba Inu price has recorded a significant increase of 6.41% in the last 24 hours and is currently trading at $0.00003551. While the 24-hour trading volume of Meme coin increased by 33%, its market value increased by 6.35%.
Shiba Inu, which was recently ranked eleventh among the top cryptocurrencies in the global market cap list, according to data from CoinMarketCap, has garnered a lot of attention among crypto market fanatics globally. The RSI, hovering around 83, has further aligned with the price rise witnessed by the meme coin, indicating an overbought situation.
Crypto market enthusiasts expect SHIB prices to further strengthen as the burn rate increases and recent developments become more severe. As SHIB’s supply continues to take a hit as tokens are burned, bullish sentiment prevails for the meme coin. With the coin’s rise near the $0.00004 mark, a pivotal shift is expected as a break above the $0.000035 resistance level potentially opens the way for SHIB to move towards the highly optimistic $0.0001 level. However, the overbought situation also signaled the possibility of a consolidation phase in which investors may look to make profits through selling.
Also Read: Bitcoin (BTC) Bulls and Bears Are In Tight Fight, Will Altcoins Lead The Next Rally?
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