Shiba Inu Surges 6% Amidst Crypto Recovery and Massive Token Burn

The Shiba Inu price has garnered significant attention from investors, surging by 6% amidst the broader crypto market recovery. Notably, this price increase coincides with a substantial 389 million SHIB token burn in February, as indicated by recent burn metrics. Consequently, market observers anticipate a potential breakout for the meme coin, with analysts sharing a similar bullish outlook.

As of press time, the Shiba Inu price has risen nearly 6% and is trading at $0.00001393. The leading meme coin has oscillated between $0.00001301 and $0.00001412 in the past 24 hours. While this bullish action aligns with the broader crypto market's recent recovery, it is essential to consider the massive token burn that has occurred.

According to data from the official tracker Shibburn, a staggering 389.18 million tokens were burned in February. This surge in the burn rate suggests that the meme coin's circulating supply is being further reduced. In turn, market watchers remain optimistic about the asset's future performance, adhering to the principles of supply and demand. The burn mechanism sends tokens to a null address, permanently removing them from the supply. As a result, the circulating supply has diminished to 584.32 trillion, with the massive burn rate consistently reducing it.

Shibburn's statistics reveal that a total of 410.72 trillion coins have been removed from the supply to date. Intraday data shows that 14 million coins were burned. Consequently, market watchers continue to weigh optimism over the Shiba Inu price's long-term performance.

On the other hand, speculations about a potential SHIB ETF have been building up. SHIB marketing lead Lucie took to X on February 27, asking, "Wen SHIB ETF?" This statement has sparked waves of speculations across the broader market, as meme coin-backed ETPs have been trending lately. Notably, dog-themed meme crypto Dogecoin has secured a vital milestone in this field, with Grayscale Investments, CoinShares, and WisdomTree submitting applications for DOGE ETF approval. The U.S. SEC has acknowledged Grayscale's filing, with approval odds gaining substantial weight in recent days.