Cryptocurrency market news: Shiba Inu Rockets Upwards with a 6.82% Surge

Shiba Inu has surged nearly 5% in the past week, sparking speculation that the meme coin could remove one zero from its price before the end of February. This rally coincides with a broader relief rally in the cryptocurrency market.

The price of the popular meme coin, Shiba Inu (SHIB), has broken out of its consolidation levels, surging by almost 6.82% in the last 24 hours. Its market capitalization has surpassed $6 billion for the first time since mid-January. Currently, the Shiba Inu price is $0.00001088, marking a 6.85% change over the past 24 hours. The recent price action has left Shiba Inu's market capitalization at $6.47 billion. Year-to-date, Shiba Inu has seen a change of 4.63%.

Shiba Inu Surges

Over the past 24 hours, the price of Shiba Inu (SHIB) has surged by 5.68%, crossing the important $0.00001 threshold once again. This uptick follows a period of consolidation and represents a significant milestone for SHIB holders.

 During this recent buying spree, a considerable number of SHIB addresses, totaling more than 227,830, participated in the market, acquiring around 162.64 trillion SHIB tokens at prices ranging from $0.000008 to $0.000010. The average cost of buying stabilized at $0.000009, showing high demand at current levels.

 Looking ahead, SHIB faces a critical challenge as it nears the $0.0000105 level, a key resistance point that has been tested before. If SHIB can sustain its price above this level, it could potentially trigger further upward momentum. Today it can touch the 0.0000115 mark.

This surge in SHIB's price aligns with a broader market rally, with Bitcoin recently reclaiming the $57,000 milestone. The positive sentiment surrounding Bitcoin has spilled over into smaller altcoins like Shiba Inu, driving speculative interest and contributing to SHIB's upward movement.

SHIB's trade volume has increased significantly, jumping by 141.59% to $908.67M in the last 24 hours. This increase in volume demonstrates the increased activity and investor interest in SHIB during its price climb.

Shiba Inu Burn Rockets

The Shiba Inu ecosystem has seen significant advancements, with a remarkable surge in the SHIB burn rate attracting considerable attention in the crypto market. Shibburn's data reveals a staggering 1913.95% increase in Shiba Inu's burn rate on February 28.

Following the removal of a zero from its value on February 27, the SHIB coin has continued its upward trajectory. Derivative data for the Ethereum-based meme coin indicates a prevailing uptrend in the market.

Shibburn data shows that the Shiba Inu community burned a massive 102.76 million SHIB in the past 24 hours, sparking curiosity among global crypto price traders and investors. This significant burn has reduced Shiba Inu's supply, with the total number of burnt coins now reaching 410.70 trillion. The community's ongoing efforts to enhance SHIB tokenomics through burning are evident in this latest development.

 Notably, the first major SHIB burn occurred when Vitalik Buterin, the Ethereum founder, burnt 41% of the supply in June 2021. The recent surge in the SHIB burn rate coincides with several breakthroughs in the SHIB community. These include the launch and listing of SHEboshi, a partnership with K9 Finance, and the upcoming launch of the KNINE LSD token. These developments, along with the continued burning of SHIB, have contributed to the community's native coin's significant gains recently.