- A 400% increase in burns has sparked significant interest among crypto market traders and investors regarding Shiba Inu’s price movement.
- Recent introductions of several new features, such as the latest SHEboshi launch, .SHIB name service, and partnerships like AIRian, have also contributed to this optimism.
- According to data provided by Shibburn, Shiba Inu experienced a staggering 427.55% increase in burns today, March 14th, with 15.15 million tokens destroyed.
Recent developments in the Shiba Inu ecosystem indicate an increase in the burn rate of SHIB tokens: How will this affect SHIB token price?
Increased Burn Rates for Shiba Inu’s SHIB Token
As a result of the exciting developments in the Shiba Inu ecosystem today, a significant increase in the burning rate of the meme cryptocurrency seems to be drawing considerable global attention. Insights provided by Shibburn, the tracker of the meme coin’s burns, suggest that the nearly 400% increase in burns recorded today has sparked significant curiosity among crypto market traders and investors about Shiba Inu’s price movement.
Meanwhile, the ongoing burning of the Shiba Inu token, which saw a series of successes last month with an approximately 250% increase, is generating market optimism around SHIB’s cryptographic venture. Recent introductions of several new features, such as the latest SHEboshi launch, .SHIB name service, and partnerships like AIRian, have also contributed to this optimism.
However, SHIB traded quite volatilely today, even dipping into negative territory briefly. This has caused a speculative wave of excitement among global crypto enthusiasts, questioning the potential impact of the community’s recent development efforts on the meme cryptocurrency’s tokenomics.
According to data provided by Shibburn, Shiba Inu experienced a staggering 427.55% increase in burns today, March 14th, with 15.15 million tokens destroyed. This created a wave of market optimism for the meme cryptocurrency as the supply continues to take a hit.
Additionally, with 410.72 trillion tokens burned since the token’s inception, the Shiba Inu community continues to make extraordinary efforts to contribute to the market dynamics of their tokens. With a weekly burn increase of 2404% due to the destruction of 14.46 billion SHIB in the past seven days, optimism around Shiba Inu is rising, creating an additional bullish sentiment for SHIB’s cryptographic venture.
Shiba Inu Price on the Rise
At the time of writing, Shiba Inu’s price saw a significant increase of 2.62% in the last 24 hours and is currently trading at $0.0000338. With a 22.72% increase in 24-hour trading volume, there was a 2.64% increase in the token’s market value, indicating positive market sentiment for Shiba Inu at press time.
Derivative data provided by Coinglass indicated a bullish trend in the market, aligning with the increase in SHIB’s price. The open interest of the meme cryptocurrency increased by 7.20%, while its volume surged by 11.98%, indicating a significant influx of new money into the market and increased market activity. This further strengthened the bullish climate for SHIB; COINOTAG’s analysis indicated that the token approached the resistance threshold of $0.000032.
A move above the aforementioned threshold seems to trigger a significant bullish sentiment among traders and investors, as staying above this threshold could pave the way for SHIB to reach $0.00004. If a bullish trend continues, SHIB could reach even higher peaks, indicating that new peak values may be on the horizon.
The recent storm of Shibarium highlighted increased on-chain activity and popularity on the network when total transactions exceeded 400 million, setting the stage for SHIB’s bullish stance and potentially paving the way towards its future milestone of $0.00004.
