The burn rate of Shiba Inu climbs to around 2600%, boosting market confidence.
The Shiba cryptocurrency community keeps moving SHIB to dead wallets.
The price of Shiba Inu rises by about 10%, reflecting community efforts to improve SHIB’s tokenomics.
Shiba Inu, a well-known Ethereum-based meme coin, saw a roughly 10% price surge on March 17, signaling yet another incredible event throughout the meme coin universe and piquing the interest of cryptocurrency enthusiasts worldwide. According to insights provided by Shibburn, the meme coin’s burn tracker, this incredible gain coincided with today’s startling SHIB burn upswing and rode a bullish wave of market optimism.
This burn spike and SHIB’s notable pump, combined with the roughly 200% price rally observed over the previous 30 days, projected an optimistic picture for Shiba Inu recently across the broader crypto market. The second-largest meme cryptocurrency is still creating waves in the massive world of cryptocurrencies, with its latest development endeavors adding to its influence.
Burned Over 186 Million Coins to Power SHIB Rally?
Data from Shibburn shows that in the last 24 hours, the Shiba Inu burn increased by 2665.33%, destroying 186.49 million coins. With this significant burn rise adding to the already impressive efforts of the Shiba crypto community to improve the SHIB tokenomics, the market became highly optimistic about the meme token.
Meanwhile, the law of supply and demand further stirs up bullish ideas about Shiba Inu, as these searing activity surges continually impact the meme coin’s supply. Concurrently, the burn rate increase noted today is mainly caused by the meme coin community’s large transfers to a dead wallet.
Shibburn’s insights highlighted two large transactions made by the Shiba cryptocurrency community to a dead wallet, contributing to the rise in burn. The first transaction transferred 167.58 million coins, while the second transferred 16.68 million SHIB, reflecting the community’s efforts to enhance tokenomics.
In parallel, Shiba Inu saw a rise in trading today, a reflection of the recent events in the neighborhood and the previously reported burn spike.
Shiba Inu Prices Increase
At the time of writing, the price of the Shiba Inu coin had increased significantly by 10.44% in the previous day and was trading at $0.0000287. SHIB adopted a bullish position today with a 22.86% increase in trading volume over a day and a 10.30% increase in market cap. But the meme coin fell to a low of $0.0000238 in response to Bitcoin’s corrective decline below the $70K threshold.
Amid the recent meme coin uprising in the larger cryptocurrency market, digital assets such as Dogecoin, Bonk, Pepe Coin, and Shiba Inu saw triple-digit rises. SHIB’s price surged by almost 388%, peaking at $0.0000456. The significant decline in Shiba Inu resulted from the overextended gain and the drop in BTC, as previously indicated.
A wave of hope for a possible recovery trend driving prices over the most recent swing high of $0.000045 and above the $0.00005 line is in place, with today’s upward surge setting the stage for SHIB’s breach above $0.00003. The meme coin’s flaming history further enhances the market’s hope that SHIB may reach further heights.
The RSI indicates the asset might be slightly overbought, hovering around 57. However, derivatives data reveals a divided market, with rising volume and declining open interest. In this regard, SHIB still needs to close above the $0.00003 threshold to see more increasing price moves leading to $0.00005.
