Coingape Staff
Amidst a flurry of advancements witnessed across the Shiba Inu ecosystem, the sudden and colossal jump in the SHIB burn rate appears to be garnering noteworthy attention among crypto market enthusiasts across the globe. Insights offered by Shibburn illustrate a staggering 1913.95% surge in Shiba Inu’s burn rate today, February 28.
Meanwhile, the SHIB coin continued its upward movement following the shedding off a zero from its value yesterday, February 27. The derivatives data for the Ethereum-based meme coin further showcased an uptrend prevailing in the market.
Shiba Inu Burn Upswing Amid Advancements Mirrors Optimism
According to Shibburn’s data, the Shiba Inu community jotted down the destruction of a whopping 102.76 million SHIB over the past 24 hours. This sparked immense curiosity among crypto market traders and investors globally as Shiba Inu’s supply took a severe hit, with the aforementioned burning chronicle weighing in. The total number of coins burnt from Shiba Inu’s initial supply now totals 410.70 trillion, arising as a consequence of the burning above. The Shiba crypto community continues showcasing efforts to jack up the SHIB tokenomics with this burning saga.
Intriguingly, the first major SHIB burn surfaced when Vitalik Buterin, the founder of Ethereum, burnt 41% of the supply in June 2021.
Meanwhile, the surge in SHIB burn rate also emerged amidst the cyclone of breakthroughs SHIB’s community brought about. The launch of SHEboshi along with its listing, K9 Finance’s partnership and the imminent launch of the KNINE LSD (Liquid Staking Derivatives) token, among many others, come under the umbrella of Shiba Inu’s developments.
Aligning with these developments and SHIB’s continued incineration, the community’s native coin showcased phenomenal gains recently.
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Shiba Inu Price Maintains Pump
As of writing, the Shiba Inu price maintained its upward trajectory, surging 6.33% over the past 24 hours, reaching $0.00001087. Notably, the meme coin’s 24-hour trading volume and market cap also surged 167.37% and 6.33%, respectively.
Coinglass‘ derivatives data showcased a 5.65% upswing in the token’s open interest, whereas volume surged 160.48%. This signaled an uptrend prevailing in the market, mirroring the pump noted by Shiba Inu. With substantial new money entering the market and heightened market activity, investors appear to be portraying bullish thoughts on SHIB.
Crypto market enthusiasts expect further pumps in the token, aligning with SHIB’s continued supply depletion and the community’s recent developments.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
