Shiba Inu Price Takes Off, Burn Rate Soars as SHIB ETF Talk Heats Up

• Shiba Inu’s burn rate surge and price increase mark a significant milestone.
• $SHIB KNIGHT’s analysis predicts a potential breakthrough in resistance, promising an optimistic future for SHIB.

In an unprecedented turn of events, Shiba Inu, the meme coin that has captured the hearts of crypto enthusiasts worldwide, has witnessed a significant surge in its burn rate on February 27. This notable increase has not only piqued the interest of the global crypto community but has also led to a considerable uptick in Shiba Inu’s market price.

As the coin ditches a zero to trade near the $0.00001 mark, the crypto world watches in awe at the resilience and growing potential of this Ethereum-based token.

The crypto community’s recent strategic advancements aimed at enhancing SHIB’s tokenomics seem to be paying off, contributing to the token’s upward trajectory. Among these developments is the buzz around a potential Shiba Inu ETF, which has injected a new wave of optimism into the market.

This sentiment is further bolstered by derivatives data from Coinglass, which indicates a robust uptrend with significant new capital flowing into the market.

The Optimism Mirrored in SHIB Performance

According to Shibburn, a dedicated burn tracker for Shiba Inu, the burn rate has skyrocketed by 59.89%, with a staggering 5.10 million SHIB being incinerated in just the last 24 hours. This aggressive burn strategy has effectively reduced the circulating supply to 581.45 trillion SHIB, out of which 410.70 trillion SHIB have been permanently removed from circulation.

This deliberate reduction in supply, coupled with the community’s innovative initiatives, like the anticipated SHIB ETF, has painted a bullish picture for the token’s future. You can dive deeper into SHIB’s development in the following YouTube video.

A Glimpse into Future Projections

In a recent analysis that has caught the attention of the SHIB community, popular analyst $SHIB KNIGHT shared insights on Twitter about the token’s resistance levels.

$SHIB can't break this resistance since August '22.

You can check the arrows for the breakout attempts.

Chart has been forming higher lows since June '23, and market is really good. It is close to break the resistance this time.

First target is 0.000022. Keep in mind that this… pic.twitter.com/57VuPRcJQ0

— $SHIB KNIGHT (@army_shiba) February 25, 2024

According to the analysis provided by $SHIB KNIGHT, SHIB has faced challenges in surpassing a certain resistance level since August 2022, as evidenced by multiple attempts highlighted in the chart. Despite these struggles, there has been a noticeable trend of higher lows since June 2023, signaling an improving market condition for SHIB.

Currently, the currency is on the verge of breaking through this resistance, aiming for an initial target price of $0.000022. This analysis is based on a weekly chart, indicating that the upcoming months may present promising opportunities for $SHIB investors.

At the time of writing, the price of SHIB token has increase 6.73% in the last 24 hours, reaching a price of $0.00001028. This represents an rise of 5.40% over the past 7 days.