Meme Coin in Flames: 15000% Burn Increase Fuels Expectations!

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Shiba Inu The 70% increase in its price last week and the increase in the burning rate recorded today attracted attention. A 15,596% increase in the SHIB burning rate in the last 24 hours attracted attention. This increase increased optimism about the future price movement of the meme coin.

meme coin community reported today, March 9, that 13.61 billion coins were burned. This burn is indicative of the community’s efforts to strengthen SHIB tokenomics. The increase in the burn rate, especially from SHIB transfers to an unusable wallet, has created great excitement among investors and raised positive expectations about the future movement of the SHIB price.

Finally, Shiba Inu lead developer Kusama hinted at the first Leash burn in line with Ragnar’s post, furthering the meme coin’s cryptographic initiative. emphasized.

Shiba Inu price It is up a significant 6.41% in the last 24 hours and is currently trading at $0.00003551. Meme coin’s 24-hour trading volume increased by 33%, while its market value increased by 6.35%.

The Shiba Inu has garnered significant attention among crypto market fans, as it rose to eleventh place on the global market cap list, according to CoinGecko data. The RSI has hovered around 83, indicating an overbought situation, which is in line with the observed price rally of the meme coin.

Crypto market enthusiasts are expecting stronger prices for the SHIB token, driven by the increase in burn rate and recent developments. As SHIB’s supply decreases as tokens are burned, bull market sentiment continues to prevail for the meme coin. With the coin approaching the $0.00004 level, a break above the 0.000035 resistance level could pave the way for SHIB to reach the highly optimistic level of $0.0001. However, overbought status also signals the possibility that investors will sell to make a profit, indicating a possible period of consolidation.


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