- Strategic burns and community efforts drive speculation of SHIB reaching $0.0001.
- Anticipation of a SHIB ETF adds momentum to the token’s potential growth.
The Shiba Inu crypto community has ignited a significant surge in the token’s burn rate, capturing the attention of traders and investors across the global cryptocurrency market.
According to the latest data from Shibburn, the dedicated tracker for the meme coin’s burn activities, there has been a nearly 300% increase in the SHIB burn rate, fueling a wave of optimism for the token’s future price action.
HOURLY SHIB UPDATE$SHIB Price: $0.00003486 (1hr 6.72% ▲ | 24hr -0.29% ▼ )
Market Cap: $20,644,176,840 (0.08% ▲)
Total Supply: 589,276,602,516,460TOKENS BURNT
Past 24Hrs: 298,761,752 (335.94% ▲)
Past 7 Days: 14,468,100,229 (5030.32% ▲)— Shibburn (@shibburn) March 11, 2024
Surge in Burn Rate and Market Optimism
Despite trading primarily in the red at the time of writing, the Shiba Inu community’s recent advancements, continuous burning efforts, and the achievement of surpassing the $0.00003 mark have collectively sparked a tidal wave of optimism.
Notably, a bullish sentiment prevails within the market, with speculations of SHIB’s price potentially reaching the $0.0001 mark, especially after the token breached the $0.00001 barrier.
Market data revealed a staggering 335.94% surge in the SHIB burn rate over the past 24 hours, with 298.76 million coins being burnt, thereby reducing the circulating supply to 582.49 trillion SHIB.
This monumental burn event is part of a concerted effort by the Shiba Inu community to enhance the token’s economic model or ‘tokenomics’, which has significantly propelled optimism among cryptocurrency enthusiasts.
In a remarkable demonstration of community-driven initiatives, the Shiba Inu crypto community executed three significant transactions, transferring 295.38 million tokens to a dead wallet. This strategic move underscores the community’s commitment to bolstering SHIB’s tokenomics and further driving positive sentiment in the market.
SHIB ETF: A New Horizon
Amidst this backdrop of positive market momentum, the Shiba Inu community is also abuzz with the potential launch of a SHIB ETF.
This speculation has been further fueled by a post from the meme coin’s marketing lead on X, hinting at collaborative efforts with Grayscale Investments to garner support for the ETF initiative. This potential ETF looms as a significant milestone for the Shiba Inu community and the broader crypto market, as previously reported by ETHNews.
$SHIB ETF
Vote : https://t.co/Wq0xJLx2Zz
— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO 🧜🏼♀️ (@LucieSHIB) March 11, 2024
Parallel to the burning activities, a petition for a SHIB ETF, in collaboration with Grayscale Investments, continues to gain traction within the crypto community.
The growing support for this initiative is indicative of the broader market’s enthusiasm for Shiba Inu’s future, further amplified by recent advancements in the ecosystem, including developments like SHEboshi, KNINE, and more.
Could $0.0001 Be Next?
Amidst the flurry of activity within the Shiba Inu community, from unprecedented token burns to the burgeoning anticipation of a SHIB ETF, the crypto market is abuzz with speculation about the meme coin’s next major milestone.
The recent surge in the burn rate and the concerted community efforts to enhance SHIB’s tokenomics have not only bolstered market optimism but also paved the way for a potential rally towards the elusive $0.0001 mark.
At the time of writing, the price of the main meme coin has slumped 2.5% in the last 24 hours, to $0.00003421, mirroring its 7-day gain of 24.83%.