The renowned meme coin Shiba Inu witnessed a burn rate increase of nearly 70%, with 25 million coins burned by the community amid a price decline.
As of today, March 15, a remarkable occurrence was observed within the Shiba Inu’s ecosystem.
The SHIB burn upsurge, propelled by the enormous transfer to a dead wallet by the Shiba crypto community, seems to be gathering significant traction in the global cryptocurrency domain.
Amid this extraordinary increase in the burn rate, SHIB’s significant decline observed today, according to CoinMarketCap’s data, sparked a whirlwind of speculation among crypto market enthusiasts worldwide, who questioned the meme coin’s price behavior in contrast to the increase in the burn rate.
Meanwhile, SHIB’s surge of nearly 200% over the past month caused swells to form across the vast ocean of cryptocurrencies.
Recent days have witnessed the introduction of a multitude of new features within the Shiba Inu ecosystem, which has further bolstered positive sentiments regarding the meme coin.
However, investors are speculating regarding the future price movement of SHIB in light of today’s substantial decline.
Shiba Inu Community’s Bold Steps to Support SHIB
As revealed by the tracker Shibburn, the transfer of 25.16 million SHIB by the community to a dead wallet substantially increased the burn rate today, following its descent into the negative region.
An almost 70% increase in the burn rate after the community’s enormous dead wallet transfer served as further evidence of the meme coin’s commune’s endeavors to strengthen SHIB’s market dynamics.
In contrast, Shiba Inu continued to portray a bullish picture for the broader cryptocurrency market even as the weekly burn increased by 2081% to incinerate 14.40 billion coins.
The market is optimistic regarding Shiba Inus as a result of the community’s recent innovative endeavors, which include the launch of a.Shib name service and the formation of new strategic partnerships, among many others highlighted in The Shib.
However, the meme coin has experienced significant volatility in trading over the last week, and as of press time, it has experienced a substantial decline.
SHIB Slips
At the time of writing, the price of the Shiba Inu coin has decreased significantly over the past 24 hours, falling by 10.33% to $0.00002982.
Additionally, the meme coin has precipitated a bearish quicksand due to its precipitous decline below $0.00003, which has engulfed the community’s recent development efforts and smoldering chronicles.
Jacob Crypto, a prominent expert in the crypto market, recently discussed the potential for a significant surge in SHIB price in a YouTube video.
He identified a remarkably optimistic price juncture for Shiba Inu in the future.
However, the derivatives data suggested that the OI-weighted funding rate and open interest may decline, while volume increased significantly.
Enhanced market activity indicated an adverse sentiment among investors, which could potentially facilitate a forthcoming price action shift.
In conjunction with a 33.56% increase in 24-hour trading volume and technical indicators indicating a buying sentiment, crypto market enthusiasts anticipate impending price action shifts.