Shiba

Burn

Dogecoin

Shiba Inu

Coin

In what unfolds as an optimistic event within the cryptocurrency realm, Shiba Inu, the self-proclaimed Dogecoin killer, noted a remarkable surge in its burn rate today, fueling optimism among traders and investors across the global crypto industry. Burn insights unveiled by the meme coin’s tracker revealed a staggering 1055% upswing in SHIB’s burn rate, contrasting to the token’s today’s price action.
Following the token’s topping of $0.00003 again yesterday, today’s fall painted an enigmatic scenario for SHIB’s price action ahead despite the colossal surge in burn rate. Crypto market enthusiasts appear to be extensively eyeing the dog-based meme token, hoping the community’s burning endeavors and recent developments will cushion SHIB’s market dynamics amid the much-awaited ongoing crypto market bull run.
Meanwhile, today’s fall also mirrored the broader market downtrend, as major crypto prices, such as BTC and ETH, tumbled. However, the meme coin’s most prominent rival, Dogecoin, jotted remarkable gains today, defying the broader market trend.
<h2 id="shiba-inu-burn-stirs-speculations">Shiba Inu Burn Stirs Speculations</h2>
According to the burn insights revealed by <a rel="noopener noreferrer nofollow" href="https://www.shibburn.com/" target="_blank">Shibburn</a>, aligning with the 1055% surge in the SHIB burn rate, the meme coin’s community registered the incineration of a whopping 50.90 million coins in the past 24 hours. With this massive amount weighing in, Shiba Inu’s supply again took a blow, declining substantially.
This sparked immense investor optimism as usual market sentiments ride the law of demand and supply, hinting at bolstered prices with a fall in supply. However, Shiba Inu’s price action today conflicted with the optimism birthed by the SHIB burn upswing.
Although the token traded as high as $0.00003147 in the past 24 hours, per CoinMarketcap’s data, its movement as of press time hovered around $0.000030, adding a dash of bearishness despite the burn upsurge. Besides, market dynamics for the token further sketched a speculative portrait.
Also Read: <a href="https://coingape.com/bitcoin-option-selling-likely-before-quarter-end-btc-price-rejected-at-72000/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin Option Selling Likely Before Quarter End, BTC Price Rejected At $72,000</a>
<h2 id="shiba-inu-price-dips">Shiba Inu Price Dips</h2>
As of writing, the <a href="https://coingape.com/price/shiba-inu/" target="_blank" rel="noopener noreferrer nofollow">Shiba Inu coin’s price</a> noted a 2.15% drop in the past 24 hours and is currently trading at $0.00003035. Contrary to the burn upswing, this drop appears to be riding a wave of on-chain bearish sentiments showcased by traders and investors.
<a rel="noopener noreferrer nofollow" href="https://www.coinglass.com/currencies/SHIB" target="_blank">Coinglass</a> data hinted at an 8.23% drop in the token’s open interest, whereas volume in derivatives fell 26.87%. This signaled a reduction in market activity and investor interest in the asset. Further coupled with today’s price decline, it hinted that the selling pressure currently overrides the buying pressure in the market, mirroring the downtrend in price.
However, the RSI, hovering at 59, illustrated that the asset has yet not entered an oversold territory, potentially indicating that prices may rebound or stabilize moving ahead. With the Shiba crypto community’s recent continuous burning, escorted by <a href="https://coingape.com/shiba-inu-community-unrwaps-the-shib-newest-edition-here-everything/" target="_blank" rel="noopener noreferrer nofollow">Shiba Inu’s recent developmental endeavors</a>, a bolstered effect on price may occur shortly ahead.
Meanwhile, a recent analysis by CoinGape Media spotlighted that if history were to repeat itself, the <a href="https://coingape.com/markets/how-channel-pattern-guides-shiba-inu-price-16-jump/" target="_blank" rel="noopener noreferrer nofollow">Shiba Inu’s price could bounce off the rising support</a>, eyeing a 16% rally to reach the $0.0000345 resistance and subsequently target $0.000038.
Also Read: <a href="https://coingape.com/crypto-prices-today-march-28-bitcoin-at-69k-eth-xrp-sol-dip-as-mantle-rallies/" target="_blank" rel="noopener noreferrer nofollow">Crypto Prices Today March 28: Bitcoin At $69K, ETH, XRP, SOL Dip As Mantle Rallies</a>
The post <a href="https://coingape.com/shib-burn-spikes-1000-shiba-inu-coin-price-reach-0-000035/" rel="noopener noreferrer nofollow">SHIB Burn Spikes 1000%, Shiba Inu Coin Price To Reach $0.000035?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

SHIB Burn Spikes 1000%, Shiba Inu Coin Price To Reach $0.000035?

Table of Contents

Coingape News Media

Other articles published on Mar 28, 2024

Fidelity Files S-1 Form for Spot Ethereum ETF With the U.S SEC

GFOX eyes $6 million target as ICP gets steamy

Ripple Vs. SEC Saga: Legal Expert Unravels The “Bigger Argument”

Bitcoin Cash Risks Plunge to $400 as Market Sentiments Waver

QuadrigaCX Co-founder Face Scrutiny Over Cash and Gold Holdings

Shiba Inu Team Launches Latest Edition Of The SHIB Magazine

Join our free newsletter for daily crypto updates!