Shiba Inu Burn surges 300% on SHIB ETF craze, $0.0001 on the horizon?

In an effort to further Shiba Inu’s crypto cause, the Shiba crypto community noticed a significant spike in the burn rate of its tokens today, causing significant concern among traders and investors in the global crypto market. According to insights published by Shibburn, a burn tracker for meme coins, the SHIB burn rate surged by nearly 300%, fueling optimism about Shiba Inu’s future price action.

尽管在撰写本文时，该代币的交易主要为亏损，但其社区最近的进展、持续燃烧以及 0.00003 美元大关的扩大共同为 Shiba Inu 带来了市场乐观浪潮。值得注意的是，自从 SHIB 突破 0.00001 美元大关以来，市场上也普遍存在对该代币升至 0.0001 美元大关的高度看涨情绪。与此同时，随着潜在的 SHIB ETF 出现在加密货币领域，Shiba 加密社区继续展示在 Grayscale Investments 的帮助下为 ETF 提供支持的努力，正如 meme 币营销负责人今天在 X 上发布的帖子中所看到的那样， 3 月 11 日。

Shiba Inu shows off breakthrough whirlwind

Consistent with the aforementioned history surrounding Shiba Inu, market data shows that the SHIB burn rate surged by 330.89%, with 297.19 million tokens destroyed in the past 24 hours. With a large number of tokens being destroyed, the current circulating supply totals 582.49 trillion SHIB at press time.

Additionally, the massive spike in burn volume witnessed today came on the back of a series of efforts by the token community. Insights published by the burn tracker suggest that the Shiba cryptocurrency community itself made significant transfers to dead wallets.

In a series of three transactions, the meme coin’s crypto community moved 295.38 million coins to a dead wallet. This action demonstrates the community’s continued efforts to promote the SHIB token economy, further fueling optimism among cryptocurrency market enthusiasts.

With the help of Grayscale Investments, the SHIB ETF petition also continues to gain significant traction within the broader cryptocurrency market, with votes of support rapidly increasing. Coupled with Shiba Inu's recent advances, including SHEboshi, KNINE, and other recent developments, this together echoes the overall market's call for optimism about SHIB.

Today, however, trading on the meme token suffered losses, sparking wildly divided speculation among traders and investors.

Shiba Inu Price Drops

As of the time of writing, the Shiba Inu price has dropped significantly by 7.72% in the last 24 hours and is currently trading at $0.00003195. However, with weekly gains of 41.86% and monthly gains of 237.51%, the meme coin is generating huge bullish sentiment among cryptocurrency market participants.

As mentioned above, the surge seen in recent days can largely be attributed to the community’s recent progress and continued burning. Challenging the key resistance at $0.000034, a break above this level could pave the way for the coin to rise towards $0.00004 or even the ambitious $0.0001 mark. However, the RSI is hovering around 71, suggesting slightly overbought conditions today, consistent with SHIB's short-term plunge.

Crypto market enthusiasts expect memecoin prices to rise further as the recent burn continues, recent developments, and SHIB ETF hype builds.