In the world of memecoins, a notable event occurred on March 17 when the price of Ethereum-based Shiba Inu (SHIB) rose by approximately 10%, drawing the attention of crypto enthusiasts worldwide. The significant price increase of the altcoin paralleled a wave of market optimism surrounding recent developments and price performance of Shiba Inu, as revealed by the Shibburn platform, which tracks SHIB token burns, indicating an increase in burn activity.
Token Burn Rate Increases by 2665%
According to data provided by Shibburn, SHIB token burn activity surged by an astonishing 2665.33% in the last 24 hours, resulting in the removal of 186.49 million SHIB from circulation. This increase in the token burn rate fueled optimism in the market by actively contributing to the improvement of SHIB’s tokenomics through a strong token burn trend within the Shiba Inu community.
As the altcoin’s supply continues to be affected by burn activities, the principle of supply and demand further strengthens bullish sentiments towards Shiba Inu. Notably, large transfers to a dead wallet address by the community played a significant role in increasing the token burn rate, reflecting ongoing efforts to enhance SHIB’s tokenomics.
Shiba Inu traded positively amidst the increase in token burn activity and community-focused developments, with its price experiencing a notable increase of 10.44% to $0.0000287 in the last 24 hours. This rise was accompanied by a 22.86% increase in trading volume and a 10.30% increase in market value.
Can Shiba Inu’s Rise Continue?
Despite a correction following Bitcoin‘s (BTC) price drop below the $70,000 level, Shiba Inu managed to display strength, supported by a broader rally observed in the memecoin sector. Shiba Inu, along with altcoins like Dogecoin (DOGE), Pepe (PEPE), and Bonk (BONK), achieved triple-digit gains. During this period, SHIB surged by approximately 388% to a level of $0.0000456.
Today’s upward price movement positions Shiba Inu above $0.00003, potentially setting the stage for a breakout, aiming to surpass the previous peak of $0.000045 and target the $0.00005 level. The associated token burn activity with SHIB further boosts market optimism, suggesting a trend towards higher levels for the altcoin.
The Relative Strength Index (RSI) indicates a slight overbought condition around 57, while derivative data shows mixed sentiments in the market with decreasing open interest (OI) and increasing volume. Maintaining a close above the $0.00003 level is crucial for SHIB’s continued upward price movements, potentially paving the way for a rise towards the $0.00005 level.
