Shib price rises 10%, SHIB burns rocket 2600%, $0.00005 imminent?
Today, the Shiba Inu burn rate spiked by nearly 2,600%, with over 186 million coins burned. SHIB’s price increased by 10%, reflecting the surge in burns.
On March 17, another eye-catching event occurred in the meme coin space. The price of Shiba Inu (a well-known Ethereum-based meme coin) increased by nearly 10%, exciting cryptocurrency market enthusiasts around the world. interest of. According to insights published by meme coin burn tracker Shibburn, this phenomenal rally comes amid a bullish wave of market optimism and coincides with today’s shocking SHIB burn uptrend.
Combined with a nearly 200% price increase over the past 30 days, this burning frenzy and SHIB’s noteworthy rise paint a bullish picture for Shiba Inu in the broader crypto market as of late. The second-largest meme cryptocurrency continues to create ripples in the vast ocean of cryptocurrencies as its recent development venture furthers its reach.
Over 186 Million Coins Burned Fueling SHIB Rally?
Data disclosed by Shibburn shows that in the past 24 hours, the number of Shiba Inus destroyed soared by 2665.33%, reaching 186.49 million pieces. This sparked huge optimism in the market for the meme token, and this massive burn craze was further intensified as the Shiba cryptocurrency community continued to demonstrate significant efforts to promote the SHIB token economy.
Meanwhile, as the supply of meme coins continues to be hit by these surges in burning activity, the laws of supply and demand are further fueling a hurricane of bullish thoughts on the Shiba Inu. Meanwhile, the memecoin community’s massive transfers to dead wallets appear to be the main reason for the increased burn rate recorded today.
The insights revealed by Shibburn also highlight two large-scale transactions made by the Shiba cryptocurrency community to dead wallets, fueling the burning frenzy. The first transaction showed 167.58 million tokens being transferred to dead wallets, while another transaction moved 16.68 million SHIB, reflecting the community’s efforts to improve the token economy