{"id":257875,"date":"2024-03-02T17:24:37","date_gmt":"2024-03-02T11:54:37","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=257875"},"modified":"2024-03-02T17:24:37","modified_gmt":"2024-03-02T11:54:37","slug":"shiba-inu-burn-rate-soars-840-as-shib-price-hits-2-year-high-whats-next-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/shiba-inu-burn-rate-soars-840-as-shib-price-hits-2-year-high-whats-next-crypto-news\/","title":{"rendered":"Shiba Inu Burn Rate Soars 840% As SHIB Price Hits 2-Year High, What’s Next? – Crypto News"},"content":{"rendered":"

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The popular meme coin Shiba Inu burn rate soared 840% today, sparking optimism among the crypto market enthusiasts. Meanwhile, the meme coin, often dubbed as the \u201cDogecoin killer,\u201d has witnessed a remarkable surge, with its price skyrocketing by over 70% in a single day.<\/p>\n

This unprecedented rally has not only propelled SHIB to a new high unseen in the last two years but has also fuelled the confidence of meme coin<\/a> enthusiasts.<\/p>\n

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Shiba Inu Burn Rate Soars 840%<\/h2>\n

In a significant development, the Shiba Inu burn rate has skyrocketed by a staggering 840%, capturing the attention of investors, according<\/a> to Shibburn. Over the last 24 hours, 35.30 million SHIB tokens were destroyed, marking a substantial increase in token burn activity.<\/p>\n

Notably, this surge in burn rate, unprecedented in its scale, has injected further optimism into the Shiba Inu community, signaling robust demand and investor confidence. Meanwhile, wallet addresses such as 0xd52\u2026.bb80d, 0xf82\u2026.f4f9f, and 0x94f\u2026.50f16 were among the top contributors to this surge in token burn, further underlining the community\u2019s commitment to reducing SHIB\u2019s circulating supply.<\/p>\n

It\u2019s worth noting that the Shiba Inu<\/a> burn rate holds significant implications for the future trajectory of the SHIB ecosystem. By reducing the circulating supply of tokens, the burn rate aims to create scarcity, drive up token value, and influence various aspects of the project\u2019s growth.<\/p>\n

<\/p>\n

However, while the surge in SHIB\u2019s burn rate<\/a> bodes well for SHIB\u2019s price dynamics and investor sentiment, it\u2019s crucial to maintain a balanced approach to ensure market stability and long-term sustainability.<\/p>\n

<\/p>\n

Also Read: Ethereum L2 Blast Integrates with Onto for Native Yield Update<\/a><\/strong><\/p>\n

Price Rockets To 2-year High<\/h2>\n

The recent surge has sent the SHIB price to a new high not seen in the last two years. In addition, it also catapulted Shiba Inu to the 11th position by market capitalization, surpassing established cryptocurrencies like Tron (TRX)<\/a> and Chainlink. This newfound status not only underscores SHIB\u2019s growing prominence within the crypto space but also highlights the community\u2019s unwavering support for the project.<\/p>\n

As SHIB continues to capture headlines and attract investor attention, the question remains: will the rally sustain its momentum? With factors like the burn rate surge and community enthusiasm driving SHIB\u2019s ascent, the cryptocurrency<\/a> market eagerly awaits further developments to gauge the coin\u2019s long-term trajectory.<\/p>\n

Meanwhile, the Shiba Inu price<\/a> was up 71.32% to $0.000022 during writing, while its trading volume over the last 24 hours skyrocketed $5.91 billion. It has also touched a high of $0.00002319 in the last 24 hours while adding nearly 130% in the last seven days.<\/p>\n

\"Shiba
Shiba Inu Price Chart<\/figcaption><\/figure>\n

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Looking at the SHIB derivatives data analysis<\/a> by CoinGlass, the Shiba Inu Open Interest soared 83.33% to $77.97 million, suggesting a strong sentiment in the market. Considering that, several market pundits anticipate the rally to continue.<\/p>\n

However, the Relative Strength Index (RSI)<\/a> of the meme coin stood at 95.89, suggesting an overbought condition. Besides, the crypto market, especially the meme coins, is known for their volatile nature. Considering that, the investors should exercise due diligence before making their bets.<\/p>\n

\"Shiba\"Shiba
Source: TradingView<\/figcaption><\/figure>\n

Also Read: Pepe Coin (PEPE) Price Shoots 260% In A Week, More Steam Left?<\/a><\/strong><\/p>\n

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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience. <\/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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The popular meme coin Shiba Inu burn rate soared 840% today, sparking optimism among the crypto market enthusiasts. Meanwhile, the meme coin, often dubbed as the \u201cDogecoin killer,\u201d has witnessed a remarkable surge, with its price skyrocketing by over 70% in a single day. This unprecedented rally has not only propelled SHIB to a new […]<\/p>\n","protected":false},"author":2,"featured_media":206471,"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-257875","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\/257875","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=257875"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/257875\/revisions"}],"predecessor-version":[{"id":257877,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/257875\/revisions\/257877"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/206471"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=257875"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=257875"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=257875"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}