On March 17, the cryptocurrency community witnessed a significant 10% surge in the value of Shiba Inu (SHIB), an Ethereum-based meme coin. This rally occurred in a climate of general market optimism, with Shiba Inu being a focal point due to increased burn rates reported by Shibburn, a platform monitoring the token’s burn activity.
Community Efforts Lead to Massive Token Burn
Recent data has highlighted a remarkable 2665.33% rise in SHIB token burns over the previous day, resulting in the permanent removal of 186.49 million tokens from circulation. The upward spike in token burn rate is largely attributed to community-driven initiatives which sent a substantial amount of SHIB to dead wallet addresses, effectively tightening the coin’s supply and enhancing its economic model.
The reduction in SHIB’s available supply, paired with the laws of supply and demand, has contributed to a bullish outlook for the coin. The increase in burn rate, alongside the token’s price appreciation, reflects the community’s active participation in influencing the coin’s market dynamics.
Shiba Inu’s Market Performance and Future Prospects
In sync with the burn activities, Shiba Inu’s market indicators show a 10.44% increase in price to $0.0000287, backed by a 22.86% climb in trading volume and a 10.30% boost in market capitalization. While the coin has experienced a slight correction following Bitcoin‘s retreat from the $70,000 mark, it has shown resilience and continues to thrive amidst a general rally in meme coins.
Shiba Inu’s current upward trajectory has propelled its value above the $0.00003 mark, which analysts believe could lead to a breakout beyond its prior high of $0.000045, targeting the $0.00005 level. The RSI indicates a mildly overbought state, and mixed market sentiments persist, as reflected by derivative data. For SHIB to maintain its upward trend, holding above the $0.00003 benchmark will be critical.