{"id":257043,"date":"2024-03-01T10:06:12","date_gmt":"2024-03-01T04:36:12","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=257043"},"modified":"2024-03-01T10:06:12","modified_gmt":"2024-03-01T04:36:12","slug":"shiba-inu-burn-rate-soars-30000-will-shib-maintain-rally-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/shiba-inu-burn-rate-soars-30000-will-shib-maintain-rally-crypto-news\/","title":{"rendered":"Shiba Inu Burn Rate Soars 30000%, Will SHIB Maintain Rally? – Crypto News"},"content":{"rendered":"

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Following a remarkable month witnessed by Shiba Inu, one of the most renowned meme coins functioning atop the Ethereum blockchain, the dog-based meme token\u2019s burn rate soared over a staggering 30000% today, March 1, nabbing global attention. This surge in burn rate promptly gained significant traction among crypto market traders and investors globally as Shiba Inu pumped phenomenally over the past few days, trading as high as $0.000014.<\/p>\n

Amid this pump witnessed by Shiba Inu, its community boasted a colossal surge in the SHIB burn rate, as mentioned above, illustrating efforts to jack up the coin\u2019s tokenomics. With 3.75 million SHIB destroyed over the past 24 hours, the meme coin\u2019s supply continues to take a hit, birthing further bullish thoughts among crypto market enthusiasts across the globe.<\/p>\n

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Shiba Inu Burn Ignites Optimism<\/h2>\n

According to the data revealed by the burn tracker Shibburn<\/a>, with the 30187% surge in burn rate today, the total tokens burnt from Shiba Inu\u2019s initial supply now lingers somewhere around 410.70 trillion SHIB with a circulating supply of 581.65 coins. The continued reduction in SHIB\u2019s supply comes as an effort to bring about a price action shift for Shiba Inu amid a flurry of other additional advancements brought upon by the community.<\/p>\n

As reported by CoinGape Media earlier, a plethora of new features were introduced to Shiba Inu\u2019s ecosystem, further showcasing the community\u2019s efforts to pump its ecosystem\u2019s tokens. These developments included the inception of SHEboshi<\/a>, the imminent launch of KNINE<\/a>, a partnership with Zama<\/a>, and many others.<\/p>\n

The aforementioned developments and the continuous burning of SHIB collectively painted a bullish climate for Shiba Inu among crypto market traders and investors across the crypto horizon.<\/p>\n

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Also Read: Ethereum Scaling Network Blast Goes Live, $2.3B Freed<\/a><\/strong><\/p>\n

Shiba Inu Price Jumps<\/h2>\n

As of writing, the Shiba Inu coin\u2019s price<\/a> noted an upswing of 3.78% over the past 24 hours and is currently trading at $0.00001266. The meme coin\u2019s topping of the $0.000014 mark yesterday sparked immense optimism for the token, mirroring the community\u2019s recent advancements and continued burning of SHIB. With a 76.63% surge in the trading volume in just 24 hours, the meme coin continues to draw attention to itself.<\/p>\n

Derivatives data unveiled by Coinglass<\/a> hinted at an uptrend in the market, aligning with Shiba Inu\u2019s pump witnessed today. With a 4.64% rise in the token\u2019s open interest and a 66.88% surge in volume, an uptrend continues to prevail in the broader crypto market. The OI-weighted funding rate at 0.1194% further hinted at investors\u2019 and traders\u2019 readiness to invest more in long positions in the asset, birthing additional bullishness on Shiba Inu.<\/p>\n

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Crypto market enthusiasts expect to see further bolstered prices with the aforementioned developments weighing in. However, the RSI hinted signaled an overbought condition, suggesting a price correction may be looming.<\/p>\n

Also Read: Vanguard CEO to Retire, Will The Firm Rescind its Anti-Bitcoin ETF Policy?<\/a><\/strong><\/p>\n

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article. <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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Following a remarkable month witnessed by Shiba Inu, one of the most renowned meme coins functioning atop the Ethereum blockchain, the dog-based meme token\u2019s burn rate soared over a staggering 30000% today, March 1, nabbing global attention. This surge in burn rate promptly gained significant traction among crypto market traders and investors globally as Shiba […]<\/p>\n","protected":false},"author":2,"featured_media":157269,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-257043","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/257043","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=257043"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/257043\/revisions"}],"predecessor-version":[{"id":257045,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/257043\/revisions\/257045"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/157269"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=257043"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=257043"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=257043"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}