Ramazan Eles 
Shiba Inu’s burn rate has skyrocketed by over 400% today, sparking optimism for SHIB’s price to reach $0.00004 soon.
In a dramatic development within the Shiba Inu ecosystem, a significant increase in the meme coin’s burn rate has attracted considerable global attention. According to data from the meme coin’s burn tracker Shibburn, today’s nearly 400% surge in burns has piqued the interest of crypto traders and investors regarding Shiba Inu‘s future price movements.
With a remarkable surge of around 250% over the past month, Shiba Inu’s ongoing burning activity has bolstered market optimism surrounding SHIB’s crypto journey. This optimism is further fueled by various new features introduced recently, including the SHEboshi launch, .SHIB name service, and partnership with AIRian, among others.
However, SHIB experienced significant volatility today, with brief dips into negative territory. This has sparked speculative discussions among crypto enthusiasts globally, questioning the potential impact of recent community-driven developments on the meme coin’s tokenomics.
SHIB Burn: Detailed Analysis
Data from Shibburn indicates a staggering 427.55% increase in Shiba Inu’s burn rate today, with 15.15 million coins destroyed on March 14. This surge has generated considerable optimism for the meme coin, as its supply continues to decrease.
Furthermore, with a total of 410.72 trillion coins burnt from Shiba Inu’s initial supply to date, the meme coin’s community has been actively contributing to the token’s market dynamics. A weekly burn surge of 2404%, with 14.46 billion SHIB incinerated over the past seven days, has added to the bullish sentiments surrounding Shiba Inu’s crypto journey.
Shiba Inu Price Movement
As of the latest update, Shiba Inu’s price has seen a notable increase of 2.62% in the past 24 hours, currently trading at $0.0000338. A surge in 24-hour trading volume by 22.72%, coupled with a 2.64% uptick in the token’s market cap, reflects a positive market sentiment for Shiba Inu at present.
Derivative data from Coinglass suggests an upward trend in the market, aligning with the price jump observed in SHIB. The meme coin’s open interest has risen by 7.20%, while its volume has increased by 11.98%, indicating significant new capital inflows and growing market activity. This paints a bullish picture for SHIB, with resistance encountered at $0.000032 according to CoinGape Media analysis.
A sustained move above this resistance level could fuel further bullishness among traders and investors, potentially pushing SHIB towards the $0.00004 mark. With ongoing developments like Shibarium and increasing on-chain activity, Shiba Inu is poised for a bullish trajectory, setting the stage for potential further gains in the near future.