Shiba Inu’s burn rate nabbed significant investor attention in the midst of a broader market turmoil on Thursday. The latest burn metrics signaled that over 30 million tokens were sacked from the asset’s circulating supply, resulting in a 1300% uptick. Meanwhile, with a top crypto market analyst further highlighting the chances of a potential 450% pump in SHIB price amid the burn rate surge, market sentiments have shifted to bullish.
Shiba Inu Burn Rate Skyshots 1300%: What This Means?
As per data from the official tracker Shibburn on X, Shiba Inu burn rate spiked 1306% on February 27. This colossal upswing comes against the backdrop of 30.15 million tokens ditched from the crypto’s circulating supply in a day.
For context, the meme coin’s burn mechanism focuses on sending tokens to a null address. This phenomenon makes their retrieval impossible, thereby killing the supply and bolstering tokenomics.
How Many Tokens Burned To Date?
As an upshot, market watchers reflect substantial optimism surrounding SHIB price prospects, given a whopping 410.744 trillion coins have burned to date. The circulating supply as of press time totaled 584.32 trillion tokens.
It’s also noteworthy that 257.65 million tokens were burned this month (February), per Shiba burn statistics. As a response, traders and investors reflect considerable bullishness surrounding the meme coin’s price despite the ongoing crypto market blues.
Can Shiba Inu Price Hit $0.000081?
As of press time, Shiba Inu’s value today witnessed a 3% jump and exchanged hands at $0.00001469. The coin hit an intraday bottom and peak of $0.00001377 and $0.0000147, respectively.
Intriguingly, the Shiba Inu burn rate surge appears to be aiding the meme coin in outperforming BTC and ETH amid broader market volatility, as also spotlighted by community member SHIB KNIGHT on X. While Bitcoin & Ethereum witnessed alarming dips amid Donald Trump’s new EU tariffs, the Ethereum-based meme token jumped.
Further, renowned market analyst Javon Marks also took to X, citing bullish historical trends that indicate gains ahead. The analyst reveals that SHIB price continues to hold its breakout, which took place in late 2022/early 2023. “With this price breakout holding, the target for Shib continues to be at the $0.000081 point, which is currently over 450% away,” the analyst concluded. Overall, market watchers remain highly bullish surrounding the meme coin’s long term prospects, given the abovementioned market statistics.
The post Shiba Inu Burn Rate Jumps 1300% Sparking Recovery Hope, SHIB Price to Hit $0.000081? appeared first on CoinGape.
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