The Shiba Inu price captured noteworthy investor attention on Saturday, surging 6% in the background of the crypto market recovery. Intriguingly, the price surge comes alongside a whopping 389 million SHIB token burn in February, per recent burn metrics. As an upshot, market watchers anticipate that a breakout for the meme coin looms, with analysts also forecasting the same. Shiba Inu Price Bullish Amid Massive 389M Burn As of press time, Shiba Inu price pumped nearly 6% and exchanged hands at $0.00001393. The leading meme coin bottomed and topped at $0.00001301 and $0.00001412 in the past 24 hours. While this bullish action fell in line with the broader crypto market’s recent recovery-like trend, it’s worth taking into account the massive token burn. According to metrics revealed by the official tracker Shibburn on March 1, a staggering 389.18 million tokens were burnt the previous month, February. This surge in the burn rate indicates that the meme coin’s circulating supply is further shredded. Source: Shibburn, X In turn, market watchers remain bullish about the asset’s future performance, abiding by the law of supply and demand. For context, the burn mechanism sends tokens to a null address, permanently removing them from the supply. As a result, the circulating supply diminished and totaled 584.32 trillion, with the massive burn rate surge constantly dealing blows to it. How Much SHIB Burnt To Date? Shibburn’s statistics indicated that a staggering 410.72 trillion coins have been removed from the supply to date. Intraday data revealed that 14 million coins were burnt. As a result, market watchers continue to weigh optimism over Shiba Inu price’s long-term performance. SHIB ETF Speculations Build Up On the other hand, SHIB marketing lead Lucie took to X on February 27, stating, “Wen SHIB ETF?” This statement has set off waves of speculations across the broader market as meme coin-backed ETPs have been in the trends lately. Notably, dog-themed meme crypto Dogecoin has secured a vital milestone in this field. CoinGape reported that Grayscale Investments, CoinShares, and WisdomTree have submitted applications for DOGE ETF approval . The U.S. SEC acknowledged Grayscale’s filing, with approval odds gaining substantial weight in recent days. This broader development has fueled hope for other meme coin-backed ETFs, such as a potential SHIB ETF. Shiba Inu’s price could substantially leverage this, given the market sees such a feat ahead. Market Analyst Forecasts Bullish Outlook For SHIB Price If Buyers Step In Simultaneously, renowned analyst ‘Rose Premium Signals’ posted on X, spotlighting the crucial support of $0.00001461 for SHIB price. As per the analyst, if buyers step in now, the meme coin could see a bullish movement toward the resistance of $0.00002941 and $0.00003738. Source: Rose Premium Signals, X Further, the highly bullish target remains $0.00004401, per the analyst. Overall, traders and investors extensively eye the token amid a recovery-like trend and token burns. The constant SHIB burns continue to bolster the crypto’s tokenomics, urging the price to move upwards. Also, SHIB futures OI rose nearly 4% intraday, closing in at $143.50 million, per Coinglass data. This further underscores renewed market interest in the crypto after a major bloodbath witnessed in February. The post Shiba Inu Price Eyes Breakout Amid 389M SHIB Token Burn, Here’s All appeared first on CoinGape .
