Shiba Inu Burns on the Rise: What Will Happen to SHIB Token Price?

  • 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

shiba-inu-shib

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.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Mt. Gox Bitcoin Payout Nears: Could $9 Billion BTC Distribution Impact Market?

The impending Mt. Gox Bitcoin payout could mark a pivotal moment for the crypto market. Learn how this historic event might impact Bitcoin prices and what it means for the industry.

What Investors Should Expect as BTC Prepares for Major Supply Shift – After Bitcoin Halving

Explore how the Bitcoin halving in 2024 could transform the cryptocurrency landscape and investment strategies.

Bitcoin and Ethereum Price Analysis: Fidelity Report Highlights Impact of Halving and Upgrade

Learn about the key factors influencing Bitcoin and Ethereum prices, including network upgrades, halving events, and insights from Fidelity's in-depth analysis.

Bitcoin Recovers to $66K: Analysts Debate Future After Halving Dip

Get the latest insights on Bitcoin's price action, analyst predictions, and the potential impact of the recent halving event.

Bitcoin Fees Plummet, EigenLayer Yield Crisis Looms, Telegram Boosts Crypto Adoption – Today’s Crypto Roundup

Get the latest on EigenLayer's potential downturn, Bitcoin's record-breaking fees, and how Telegram is fueling the rise of Web3 in this comprehensive crypto news update.
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Bitcoin and Ethereum Price Analysis: Fidelity Report Highlights Impact of Halving and Upgrade

Learn about the key factors influencing Bitcoin and Ethereum prices, including network upgrades, halving events, and insights from Fidelity's in-depth analysis.

Litecoin Could Be Preparing for a 20% Rise! Current LTC Analysis

Will Litecoin continue its upward trend? What should LTC investors expect? What are the targets in the current LTC analysis?

Ethereum Might Be Preparing for a Rise! Current ETH Analysis

Ethereum's daily chart has sustained a rise up to $3100 after strong buying in the $2867 - $2950 range. Current ETH Analysis

NEO Launches Uptrend to $25! Current NEO Analysis

Analyzed NEO's 3-hour chart, showing upward trend post $14.80 resistance breakthrough, eyeing $15.18 resistance; potential long positions suggested at $14.636 - $14.448 support range with a stop loss at $13.90, as NEO aims for $25 target amidst over 5% gains.

Is Litecoin Ready to Launch its Rise to $140? Current LTC Analysis

When examining LTC's technical chart, a downward trend is observed in recent days. The nearest support is at the level of 91.86 dollars. The support range between 97.61$ and 99.07$ on the 4-hour chart is significant. For long positions, the support range of 92.41$ - 91.07$ can be expected.
Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
spot_imgspot_imgspot_imgspot_img

Mt. Gox Bitcoin Payout Nears: Could $9 Billion BTC Distribution Impact Market?

The impending Mt. Gox Bitcoin payout could mark a pivotal moment for the crypto market. Learn how this historic event might impact Bitcoin prices and what it means for the industry.

What Investors Should Expect as BTC Prepares for Major Supply Shift – After Bitcoin Halving

Explore how the Bitcoin halving in 2024 could transform the cryptocurrency landscape and investment strategies.

Bitcoin Recovers to $66K: Analysts Debate Future After Halving Dip

Get the latest insights on Bitcoin's price action, analyst predictions, and the potential impact of the recent halving event.