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Shiba Inu‘s (SHIB) community has observed a significant increase in the token’s burn rate. This has sparked interest among cryptocurrency traders and investors worldwide.
Token Burn Activity Remains High
According to data from Shibburn, a platform that tracks Shiba Inu token burns, there has been a roughly 300% increase in token burning in the last 24 hours. This surge has fueled optimism for SHIB’s future price movements. Despite trading in the red at the time of writing, the recent developments within the community, ongoing token burning, and surpassing the $0.00003 level are stoking optimism for the altcoin.
In the last 24 hours, 297.19 million SHIB tokens were burned, increasing the token burn rate to 330.89%. This demonstrates a strong stance in enhancing Shiba Inu’s tokenomic value. Large transfers made by the Shiba Inu community to a dead wallet address have further elevated these efforts, contributing to an atmosphere of optimism among cryptocurrency enthusiasts.
The increase in the token burn rate appears to be actively influenced by Shiba Inu’s community collaboration with Grayscale Investments, focusing on gathering support for a potential spot Shiba Inu ETF. Notably, a March 11th post by the altcoin’s marketing leader on platform X highlighted this effort, indicating continued momentum in advocating for a spot ETF.
Attention on the $0.000034 Resistance Level
Despite rumors of a spot ETF, high token burn activity, and increased community initiatives, Shiba Inu has experienced a notable price drop of 7.72% in the last 24 hours. However, the altcoin’s weekly and monthly performance shows a positive trend with respective increases of 41.86% and 237.51%, thanks to recent developments and ongoing token burn activities.
A technical analysis of SHIB’s price reveals a significant resistance level at $0.000034. A breakthrough above this level could potentially lead to reaching $0.00004 or even an ambitious $0.0001. However, with the Relative Strength Index (RSI) giving a slight overbought signal around 71, investors and traders should be cautious about short-term price movements.
