Shiba Inu Price Poised for Breakout After Massive Token Burn!
Shiba Inu (SHIB) has recently captured significant investor attention, experiencing a 6% surge amid a broader crypto market recovery. This uptick coincides with a substantial burn of 389 million SHIB tokens in February, leading market watchers to anticipate a potential breakout for the meme coin.
Shiba Inu Price Bullish Amid Massive 389M Burn
As of March 1, 2025, Shiba Inu’s price increased by nearly 6%, trading at $0.00001389. The coin’s price fluctuated between a low of $0.000013 and a high of $0.000014 over the past 24 hours. This bullish movement aligns with the broader crypto market’s recovery trend and is bolstered by the significant token burn.
According to Shibburn, the official tracker, 389 million SHIB tokens were burned in February, reducing the circulating supply and potentially increasing the token’s value due to scarcity. The current circulating supply stands at approximately 584 trillion tokens.
Total SHIB Burned to Date
To date, approximately 410 trillion SHIB tokens have been removed from circulation through the burn mechanism. In the past 24 hours alone, 14 million tokens were burned, contributing to market optimism regarding SHIB’s long-term performance.
SHIB ETF Speculations Build Up
Speculation about a potential SHIB Exchange-Traded Fund (ETF) has arisen following a social media post by SHIB marketing lead Lucie, who queried, “Wen SHIB ETF?” This comes amid trends in meme coin-backed ETPs, notably with Dogecoin’s recent milestones.
Grayscale Investments, CoinShares, and WisdomTree have submitted applications for DOGE ETF approval, with the U.S. SEC acknowledging Grayscale’s filing. This development has fueled hopes for a SHIB ETF, which could positively impact Shiba Inu’s price.
Market Analyst Forecasts Bullish Outlook for SHIB Price if Buyers Step In
Renowned analyst ‘Rose Premium Signals’ highlighted a crucial support level for SHIB at $0.00001460. The analyst suggests that if buyers enter the market now, SHIB could experience bullish movement toward resistance levels at $0.00002940 and $0.00003740, with a highly bullish target of $0.000044.
Traders and investors are closely monitoring SHIB amid the recovery trend and ongoing token burns, which continue to strengthen the cryptocurrency’s tokenomics and support upward price movement.
