Key Points:
- Shiba Inu sees a 6% surge as March kicks off, fueled by a massive token burn.
- 389 million SHIB tokens removed from circulation in February, boosting bullish sentiment.
- Analysts eye a breakout, with a price target of $0.00004401 on the horizon.
Shiba Inu Gains Momentum Amid Massive Token Burn
Shiba Inu (SHIB) is making waves in the crypto market as it records a 6% price surge, driven by a significant 389 million SHIB token burn in February. The latest burn event has sparked bullish sentiment, with market analysts predicting a potential breakout for the meme coin.
According to data from Shibburn, the substantial reduction in supply is strengthening SHIB’s long-term value. With 584.32 trillion tokens still in circulation, continued burns could further drive scarcity and push prices higher.
Shiba Inu Price Surge: What’s Behind It?
As of press time, SHIB is trading at $0.00001393, reflecting a nearly 6% increase. The token hit a low of $0.00001301 and a high of $0.00001412 in the past 24 hours, aligning with a broader crypto market recovery.
- Burn Impact: February saw a 389.18 million token burn, permanently removing these tokens from supply.
- Total Burned to Date: A staggering 410.72 trillion SHIB tokens have been destroyed, reinforcing bullish trends.
- Intraday Activity: 14 million SHIB tokens were burned in the latest data update, further tightening supply.
Could a SHIB ETF Be on the Horizon?
Speculation is growing about a potential SHIB ETF, following a recent social media post from Shiba Inu’s marketing lead, Lucie. The post, which read, “Wen SHIB ETF?”, ignited discussions across the community.
The speculation follows recent advancements in meme coin-backed exchange-traded products (ETPs). Notably, Dogecoin (DOGE) has made significant strides in this area, with major firms like Grayscale, CoinShares, and WisdomTree submitting applications for a DOGE ETF. If approved, this could pave the way for a SHIB-backed ETF, further legitimizing the meme coin sector.
Analysts Predict Bullish Future for SHIB
Renowned crypto analyst Rose Premium Signals has identified a key support level at $0.00001461 for SHIB. If buying pressure increases, SHIB could see a bullish run toward resistance levels of $0.00002941 and $0.00003738.
- Bullish Target: A breakout to $0.00004401 is possible if market momentum continues.
- Token Burns & Market Sentiment: The continued burning of SHIB tokens strengthens the coin’s tokenomics, making it more attractive to long-term investors.
What’s Next for Shiba Inu?
With growing demand, increasing burn rates, and ETF speculation, Shiba Inu’s price trajectory remains bullish. Investors are closely watching for key movements in the coming weeks, with the potential for significant price appreciation if market conditions align.
