Business

Shiba Inu Weekly Burn Soars 100%, SHIB To Hit $0.001? – Crypto News

Published

1 year ago

February 24, 2024

Dripp

Shiba Inu, one of the most prominent meme coins within the cryptocurrency realm, once again birthed a torrent of speculations across the broader crypto market on Saturday, as the token’s burn rate surged phenomenally over the past week. With a staggering 42.05 million SHIB transferred to a dead wallet today, the Shiba crypto community continues showcasing efforts to jack SHIB’s tokenomics.

Meanwhile, the Shiba In coin traded in the green, aligning with the recent burn rate surge. Although marginal, the meme coin’s today’s pump further mirrors the community’s recent advancements. Analysis by CoinGape Media suggests crypto market analysts remain optimistic about SHIB’s near-term potential. CoinMarketCap’s charts further illustrated that Shiba Inu gradually gained an upward trajectory as of press time.

Shiba Community Shifts 42 Mln to Dead Wallet

According to the data revealed by Shiba Inu’s burn tracker Shibburn on X, the meme coin’s community transferred a staggering 42.05 million SHIB to a dead wallet today, February 24. With this colossal transfer, today’s burn rate soared 55.17%, whereas the weekly burn surged 113.62%.

The community’s continuous destruction of SHIB propelled market optimism for the meme coin, as the token’s supply took a notable hit. Aligning with this, the community has destroyed a whopping 410.70 trillion SHIB from the token’s initial supply to date, while the current circulating supply remains 581.44 trillion SHIB.

In the interim, the Shiba Inu ecosystem witnessed a flurry of developments, as also seen in the recent SHEboshi launch. Intriguingly, the SHEboshi DN404 test token went out of stock just hours after its launch, birthing additional bullish thoughts on Shiba Inu.

Also Read: Cardano’s Charles Hoskinson Joins Backlash Against Google’s “Racist” Gemini AI

Shiba Inu Price Jumps

As of writing, the Shiba Inu price noted an uptick of 0.28% over the past 24 hours and is currently trading at $0.000009522. This jump mirrors the surge in burn rate and the community’s recent advancements, including SHEboshi’s instant sell-out.

Following a bullish performance last month, usual market sentiments often hint at decreased buying pressure. This sets the stage for a potential rebound.

With the token breaching the $0.000010 barrier on February 16, SHIB illustrated a significant pump. However, the price regressed to approximately $0.0000095 subsequent to the pump mentioned. Crypto market enthusiasts expect bolstered prices ahead, aligning with the optimism orbiting SHIB’s run to $0.0001. The constant burning of SHIB and the community’s plans to revolutionize its ecosystem further aids this potential bull run.

Also Read: Bitcoin (BTC) Price Flirts Near $51K Amid $233 Mln Bitcoin ETF Inflow