Shiba Inu Price Eyes Breakout Amid 389M SHIB Token Burn, Here’s All
The Shiba Inu price captured noteworthy investor attention on Saturday, surging 6% in the background of the crypto market recovery. Intriguingly, the price surge comes alongside a whopping 389 million SHIB token burn in February, per recent burn metrics. As an upshot, market watchers anticipate that a breakout for the meme coin looms, with analysts also forecasting the same.
Shiba Inu Price Bullish Amid Massive 389M Burn
As of press time, Shiba Inu price pumped nearly 6% and exchanged hands at $0.00001393. The leading meme coin bottomed and topped at $0.00001301 and $0.00001412 in the past 24 hours. While this bullish action fell in line with the broader crypto market’s recent recovery-like trend, it’s worth taking into account the massive token burn.
According to metrics revealed by the official tracker Shibburn on March 1, a staggering 389.18 million tokens were burnt the previous month, February. This surge in the burn rate indicates that the meme coin’s circulating supply is further shredded.
In turn, market watchers remain bullish about the asset’s future performance, abiding by the law of supply and demand. For context, the burn mechanism sends tokens to a null address, permanently removing them from the supply. As a result, the circulating supply diminished and totaled 584.32 trillion, with the massive burn rate surge constantly dealing blows to it.
How Much SHIB Burnt To Date?
Shibburn’s statistics indicated that a staggering 410.72 trillion coins have been removed from the supply to date. Intraday data revealed that 14 million coins were burnt. As a result, market watchers continue to weigh optimism over Shiba Inu price’s long-term performance.
SHIB ETF Speculations Build Up
On the other hand, SHIB marketing lead Lucie took to X on February 27, stating, “Wen SHIB ETF?” This statement has set off waves of speculations across the broader market as meme coin-backed ETPs have been in the trends lately.
Notably, dog-themed meme crypto Dogecoin has secured a vital milestone in this field. CoinGape reported that Grayscale Investments, CoinShares, and WisdomTree have submitted applications for DOGE ETF approval. The U.S. SEC acknowledged Grayscale’s filing, with approval odds gaining substantial weight in recent days.
This broader development has fueled hope for other meme coin-backed ETFs, such as a potential SHIB ETF. Shiba Inu’s price could substantially leverage this, given the market sees such a feat ahead.
Market Analyst Forecasts Bullish Outlook For SHIB Price If Buyers Step In
Simultaneously, renowned analyst ‘Rose Premium Signals’ posted on X, spotlighting the crucial support of $0.00001461 for SHIB price. As per the analyst, if buyers step in now, the meme coin could see a bullish movement toward the resistance of $0.00002941 and $0.00003738.
Further, the highly bullish target remains $0.00004401, per the analyst. Overall, traders and investors extensively eye the token amid a recovery-like trend and token burns, The constant SHIB burns continue to bolster the crypto’s tokenomics, urging the price to move upwards.
The post Shiba Inu Price Eyes Breakout Amid 389M SHIB Token Burn, Here’s All appeared first on CoinGape.
