Today, Shiba Inu burned around 13 billion tokens, an incredible 15000% increase in burn rate. This was consistent with the price surge that was seen for SHIB.
After an incredible week in which Shiba Inu’s price surged by almost 70% in just seven days, there seems to be a notable uptick in the meme coin’s burn rate that is becoming increasingly popular among cryptocurrency aficionados worldwide. According to information released by the tracker Shibburn, traders and investors in the cryptocurrency market became extremely optimistic about the meme coin’s future price movement after noticing an astounding 15,596% increase in the SHIB burn rate over the previous day. The data shows that over 13 billion SHIB have been destroyed, further diminishing the meme coin’s supply. Concurrently, a substantial quantity of Burned Bone and Leash tokens garnered additional attention worldwide.
As of the time of publication, SHIB was up, which was consistent with the observed increase in burn rate. Shiba Inu’s recent observations of a significant pump are also ascribed to the numerous innovations that the meme coin community has lately demonstrated during a meme coin rally that has been observed throughout the larger cryptocurrency market. The meme coin has lately surged from $0.00001 to a stunning $0.00004 mark, demonstrating its ability to replicate optimism around its optimistic $0.0001 level.
Shiba Inu Burn Sparks Hope Amongst Community Progress
Data from Shibburn shows that today, March 9, the Shiba cryptocurrency community recorded a staggering 13.61 billion coins burned in just one day. Even with 410.72 trillion coins burned from SHIB’s original supply, the community is still optimistic on growing SHIB tokenomics.
Interestingly, it seems that the community’s SHIB transfers to a dead wallet were the main cause of the unexpected spike in burn rate. According to Shibburn’s data, the community moved over 13 billion coins, which greatly excited investors and fueled their favorable perceptions of SHIB’s price movement.
A well-known member of Shiba Inu’s squad, Ragnar Shib, highlighted two enormous SHIB burn transactions in addition to a Bone and Leash burning transaction during the amazing SHIB burning. This further increased the community’s positive efforts to support not only SHIB but also the tokens that make up its ecosystem. Kusama, the chief developer of Shiba Inu, intriguingly alluded to the first-ever Leash burn today, in line with Ragnar’s post, highlighting the meme coin’s groundbreaking cryptographic endeavor even more.
The optimism generated by the previously mentioned narrative is still reflected in SHIB’s price behavior today.
Shiba Inu Cost Increases
As of this writing, the price of the Shiba Inu has increased significantly during the last day by 6.41%, to $0.00003551. The market valuation of the meme currency increased by 6.35%, while the 24-hour trading volume increased by 33%.
Shiba Inu attracted a lot of interest from cryptocurrency enthusiasts around the world after ranking tenth on the list of the top coins by worldwide market capitalization, according to CoinMarketCap data. The RSI, which was circling 83, indicated that the market was overbought, which was consistent with the price increase of the meme currency.
Enthusiasts of the cryptocurrency industry anticipate more support for SHIB values because to the recent improvements and increase in burn rate. There is a bullish attitude about the meme coin even if SHIB’s supply is still being negatively impacted by token burning. The coin has been moving closer to the $0.00004 mark, but a significant change could be in store if it breaks above the resistance level of $0.000035, which could open the door for SHIB to move up to the very optimistic $0.0001 level. A position of overboughtness, however, also suggested the possibility of a consolidating phase to come as investors could desire to sell to realize profits.