On February 27, Shiba Inu, a popular meme coin built on the Ethereum blockchain, caught the attention of cryptocurrency enthusiasts worldwide as its burn rate surged. This surge in burn rate has caused a significant increase in interest in the broader crypto market, as Shiba Inu’s price has also seen a substantial rise, reaching $0.00001.
The recent efforts of the Shiba crypto community to enhance the SHIB tokenomics may be contributing to this upward momentum. The news of a potential SHIB ETF and the coin’s successful cryptographic venture have generated even more optimism among investors.
Data from Coinglass also reveals a prevailing upward trend, with a significant influx of new money into the market.
In the past 24 hours, Shiba Inu’s burn rate has increased by 59.89%, with 5.10 million SHIB coins destroyed. This brings the current circulating supply to 581.45 trillion SHIB, with a total of 410.70 trillion SHIB coins burnt.
As the supply of SHIB continues to decrease, the market sentiment remains optimistic for the token. The upcoming launch of a potential SHIB ETF and the attention from Grayscale further adds to this optimism.
The recent developments within the Shiba crypto community, including partnerships with K9 Finance and the launch of SHEboshi, have also contributed to the token’s surge.
In the meantime, Yuga Labs has announced that it will only support NFT platforms that respect royalties, adding to the positive sentiment in the market.
At the time of writing, Shiba Inu’s price has risen by 6.14% in the past 24 hours, currently trading at $0.00001023. The derivatives data also shows an increase in open interest by 17.49%, reaching $34.67 million, and a staggering 230.79% surge in volume, reaching $68.66 million. This uptrend in the broader crypto market mirrors the increase in Shiba Inu’s price.
Additionally, Bitcoin’s price has also seen a significant increase, reaching $57,000, as nine Bitcoin ETFs set new records.
