|
Getting your Trinity Audio player ready...
|
Shiba Inu (SHIB) witnessed a notable 6% price surge on Saturday, capturing investor attention as the broader crypto market showed signs of recovery. The rally coincides with a significant milestone—389 million SHIB tokens burned in February, according to data from Shibburn. This aggressive burn rate has fueled speculation that a breakout for the popular meme coin may be on the horizon.
Shiba Inu’s Price Action and Token Burn Impact
At the time of writing, Shiba Inu trades at $0.00001393, having fluctuated between $0.00001301 and $0.00001412 in the past 24 hours. The price movement aligns with the general market’s recovery, yet the sharp token burn remains a critical catalyst.
Shibburn’s latest data confirms that 389.18 million SHIB tokens were permanently removed from circulation in February. This ongoing burn mechanism, which reduces the available supply, continues to drive bullish sentiment among market watchers. As of now, the total circulating supply stands at 584.32 trillion SHIB. To date, an astonishing 410.72 trillion tokens have been burned, underscoring the impact of this deflationary measure.
SHIB ETF Speculation Gains Traction
Adding to the excitement, SHIB’s marketing lead, Lucie, stirred speculation about a potential Shiba Inu exchange-traded fund (ETF) with a cryptic post on X (formerly Twitter) on February 27, asking, “Wen SHIB ETF?” This follows a broader trend in the crypto space, where meme-coin-backed ETPs are gaining traction.
Wen SHIB ETF?
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) February 27, 2025
Notably, Dogecoin (DOGE) recently achieved a significant milestone in this space. Major financial firms like Grayscale Investments, CoinShares, and WisdomTree have submitted applications for DOGE ETFs, with Grayscale’s filing already acknowledged by the U.S. Securities and Exchange Commission (SEC). If DOGE secures approval, it could pave the way for a SHIB ETF, potentially driving SHIB’s price higher.
Analysts Predict a Bullish Breakout
Crypto analyst ‘Rose Premium Signals’ highlighted a key support level at $0.00001461, suggesting that if buyers step in, SHIB could rally toward resistance levels of $0.00002941 and $0.00003738. The analyst’s most bullish target stands at $0.00004401.
With the ongoing token burns, ETF speculations, and a recovering market, Shiba Inu remains a focal point for investors looking for potential high-reward opportunities.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Shiba Inu (SHIB) Price Struggles Despite 31.5M Token Burn—Will Bulls Regain Control?
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
