Shiba Inu Spending Surges: Can SHIB Sustain Its Upward Momentum?
Shiba Inu, an Ethereum-based meme coin, has attracted attention with a remarkable 30,000% increase in its burn rate on March 1, creating optimism among investors about potential impacts on its price.
This surge in burn rate is in line with recent community initiatives aimed at fortifying the coin's tokenomics. Over the past 24 hours, 3.75 million SHIB tokens have been burned, contributing to an overall supply reduction and generating positive sentiment among crypto enthusiasts.
The burn tracker Shibburn reports a significant 30,187% increase in Shiba Inu's burn rate, resulting in the destruction of a substantial portion of SHIB tokens from the initial supply, currently at approximately 410.70 trillion SHIB, with a circulating supply of 581.65 trillion coins.
Shiba Inu's ecosystem has seen the introduction of new features, such as SHEboshi, the upcoming KNINE debut, and a partnership with Zama, fostering a bullish sentiment within the crypto market.
As of the latest update, Shiba Inu's coin price has increased by 3.78% over the past 24 hours, reaching $0.00001266. The recent surpassing of the $0.000014 mark has fueled optimism among investors, reflecting positive community progress and ongoing token burning. The coin's trading volume has surged by 76.63% within the same timeframe, attracting further attention.
Coin Glass derivatives data indicates an upward trend, with a 4.64% rise in open interest and a substantial 66.88% increase in trading volume. The OI-weighted funding rate stands at 0.1194%, reflecting a preference for long positions and contributing to additional bullish sentiment.
While enthusiasts anticipate further price increases, caution is advised due to the Relative Strength Index (RSI) signaling an overbought condition, suggesting a potential price correction. Investors and traders are encouraged to closely monitor market conditions$SHIB
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