Shiba Inu Price Soars 10% In Reaction To Explosive 2,367% SHIB Burn Surge

Name	Symbol	Market	Market Cap ($)	Algorithm
SHIBA INU	SHIBUSD	Crypto	13,553,460,086	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

SHIBA INU

SHIBUSD

Crypto

13,553,460,086

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00	0.00%	0.000023	0.000023	0.000023

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00

0.00%

0.000023

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.000023	0.000023	0.000023	0.000023	0.00000600 - 0.000048

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.000023

0.00000600 - 0.000048

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	06:45:30	3,114,865.00	0.000023	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

06:45:30

3,114,865.00

0.000023

USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,672,034.10	74,046,802,441.43	SHIB	SHIBEUR	SHIBGBP	SHIBBTC

Price x Volume

Volume

Base Symbol

Related Pairs

1,672,034.10

74,046,802,441.43

Shiba Inu Price Soars 10% In Reaction To Explosive 2,367% SHIB Burn Surge

18/03/2024 3:00pm

NEWSBTC

Shiba Inu (SHIB), a prominent Ethereum-based cryptocurrency, witnessed a substantial rally, bolstering the interest of crypto enthusiasts worldwide. The nearly 10% surge in price on Monday has been attributed to a wave of market optimism, coinciding with a significant burn surge revealed by Shibburn, the meme coin’s burn tracker. The recent rally of meme coins can be attributed to various factors. Firstly, the growing market sentiment and excitement surrounding meme coins have attracted investors seeking high-risk, high-reward opportunities. Additionally, the influence of social media platforms, viral marketing, and endorsements from celebrities and influencers have played a significant role in driving up the prices of meme coins. Related Reading: Forget Dogecoin, Shiba Inu Set To Become The Top Dog: Expert Predicts $100 Billion Market Cap Shiba Inu Burn Surge Analysis According to Shibburn’s data, the burn rate for Shiba Inu skyrocketed by a staggering 2,367% over the past 24 hours, resulting in the destruction of a whopping 186 million coins. This surge in burning activity has further heightened market optimism surrounding the meme token, as the Shiba crypto community continues to make remarkable efforts to enhance the SHIB tokenomics. Source: Shibburn The continuous depletion of SHIB’s supply through burning activities has triggered discussions about the dynamics of supply and demand, igniting a hurricane of bullish sentiments for Shiba Inu. Notably, it is the community’s concerted efforts, including significant transfers to a dead wallet, that have primarily contributed to the rise in the burn rate. Shibburn’s insights shed light on two massive transactions by the Shiba crypto community, both involving transfers to a dead wallet. The first transaction saw a transfer of 168 million coins, while the second involved the transfer of 16.68 million SHIB. These actions reflect the community’s determination to bolster the tokenomics of Shiba Inu and have further contributed to the burn surge witnessed recently. Bitcoin price action. Chart: TradingView SHIB Price Climbs Amid Optimism The positive momentum extends beyond burning activity, as Shiba Inu’s price experienced a substantial uptick of 10% over the past 24 hours, reaching a current trading value of $0.0000287. This surge in price has been accompanied by a surge in trading volume by nearly 23% and a market cap increase of 10%, firmly establishing a bullish stance for SHIB. However, it is important to note that the recent correction in Bitcoin’s price led to a temporary dip for Shiba Inu, which reached a low of $0.0000238. Related Reading: Bitcoin Threatens To Retreat To $60,000 As Bulls Seek Solid Ground With the recent upward movement, there is growing optimism that SHIB may breach the $0.00003 mark, potentially paving the way for a recovery trend that could push prices above the previous swing high of $0.000045 and even surpass the $0.00005 milestone. Market observers are particularly encouraged by the burning chronicles of the meme coin, which further contribute to the prevailing market optimism. Featured image from Pexels, chart from TradingView

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