Over 30 million coins were burnt, resulting in a 1300% increase in the Shiba Inu burn rate. A leading crypto analyst predicts that the price of SHIB will reach $0.000081 in the near future.
During Thursday’s general market turbulence, Shiba Inu’s burn rate garnered a lot of investor attention. More than 30 million tokens were expelled from the asset’s circulating supply, according to the most recent burn data, which caused a 1300% increase. In the meantime, market attitude has changed to optimistic as a leading cryptocurrency market expert has further highlighted the likelihood of a possible 450% pump in the price of SHIB amid the burn rate spike.
Shiba Inu burn rate skyshots 1300%: What does this mean?
On February 27, the Shiba Inu burn rate increased by 1306%, according to statistics from the official tracker Shibburn on X. This massive surge coincides with the removal of 30.15 million tokens from the cryptocurrency’s supply in a single day.
For background, transferring tokens to a null address is the main goal of the meme coin’s burn mechanism. This phenomena kills the supply and supports tokenomics by making it hard to retrieve them.
How many tokens burned to date?
As a result, market observers are rather optimistic about the future of the SHIB price, considering that an astounding 410.744 trillion coins have burnt thus far. As of this writing, there were 584.32 trillion tokens in circulation.
Notably, according to Shiba burn data, 257.65 million tokens were burnt this month (February). In response, traders and investors express a great deal of optimism in the meme coin’s price in spite of the current downturn in the cryptocurrency market.
Can Shiba Inu price hit $0.000081?
At the time of writing, Shiba Inu (SHIB) value had increased by 3% and was trading at $0.00001469. The intraday low and high of the coin were $0.00001377 and $0.0000147, respectively.
As further highlighted by community member SHIB KNIGHT on X, the Shiba Inu burn rate spike seems to be helping the meme coin outperform BTC and ETH in the face of wider market instability. The Ethereum-based meme token surged as Bitcoin (BTC) and Ethereum (ETH) saw concerning declines in response to Donald Trump’s new EU tariffs.
Javon Marks, a well-known market expert, too took to X, pointing to positive past tendencies that portend future gains. According to the expert, the price of SHIB is still holding steady near its late 2022–early 2023 breakout. The expert came to the conclusion that “With this price breakout holding, the target for Shib continues to be at the $0.000081 point, which is currently over 450% away.” Given the aforementioned market data, market observers are still generally rather optimistic about the meme coin’s long-term potential.
Ethereum whales in panic selling: ETH ‘buy the dip’ narrative fails?
As the price of Ethereum drops below critical support levels, Ethereum whales have sold 440,000 tokens in the last week.
According to on-chain statistics, Ethereum (ETH) whales have decided to panic sell after the price of the cryptocurrency fell further 7% today and fell below $2,300 after failing to maintain key support levels. Over the past week, whales have sold off millions of dollars’ worth of Ethereum as market sentiment deteriorates.
Ethereum whales in panic selling mode
Over the past several days, Ethereum whales have sold off a significant amount of ETH. In a noteworthy transaction, barely 12 hours ago, wallet 0xc725…839d sold 8,074 ETH for an average price of $2,431—roughly $19.63 million. According to LookonChain, another wallet, 0x07Fe…A26D, has deposited 10,000 ETH, totaling $23.44 million, to Binance in the past two days, suggesting that it may be getting ready for further sales.
Furthermore, cryptocurrency expert Ali Martinez has pointed out the extent of the sell-off, pointing out that over 440,000 ETH has been sold by whales in the last week. Given the ongoing market uncertainty, this pattern points to an increasing wave of panic selling by significant holdings.
A Bybit exchange attack that occurred over the weekend is also the cause of the current volatility in Ether (ETH). But within 48 to 72 hours following the breach, the exchange was able to recover all of the Ethereum that had been lost.
However, there has also been a significant increase in withdrawals from spot Ether ETFs. According to statistics from Farside Investors, the overall outflows from Ether ETFs on Wednesday were $94.3 million, with BlackRock’s ETHA making the largest contribution at $68.4 million.
Is ETH still buy on dips?
Regarding the current price movement of Ethereum, market experts have differing views. After ETH fell more than 14% on the weekly chart and 26% on the monthly chart, several market analysts think that the moment is not right to sell.
According to well-known cryptocurrency expert IncomeSharks, ETH is presently in the accumulation zone and near the bottom of its range. Before ETH starts its trek to the top end of the range near $4,000, the expert says now is a good moment to add it.
However, cryptocurrency expert Justin Bennett has expressed pessimism about Ethereum, pointing out that there isn’t any upward momentum at the present support levels.
Bennett wrote on Twitter that if present trends continue, ETH may tumble to $1,000. “Nearly a month later, and bulls haven’t been able to do anything at support,” he said.
SEC drops Gemini case, Cameron Winklevoss slams regulatory ‘war on crypto’
After almost two years, the U.S. Securities and Exchange Commission ended its investigation into Gemini, the cryptocurrency company run by the Winklevoss twins.
Nearly 700 days after beginning its investigation and 277 days after issuing a Wells Notice, the commission has chosen not to take enforcement action against Gemini, according to co-founder Cameron Winklevoss.
On Monday, the SEC informed our litigation counsel @JackBaughman27 that it has closed its investigation into @Gemini and will not be pursuing an enforcement action against us. This comes 699 days after the start of their investigation and 277 days after they sent us a Wells… pic.twitter.com/dTjg9CJXVl
— Cameron Winklevoss (@cameron) February 26, 2025
The SEC accused Gemini and Genesis Global Capital of selling unregistered securities through its now-defunct Earn program, which led to their initial charges in January 2023. The service, which let users lend cryptocurrency assets in return for income, fell apart when Genesis stopped accepting withdrawals during the bear market of 2022.
The SEC made it clear that this isn’t a formal exoneration and kept the door open for further action even if the matter is now closed.
Although Winklevoss hailed the current development as a turning point in the “war on crypto,” he said that it doesn’t go far enough to reverse the “tens of millions of dollars in legal bills” and other losses the business has suffered.
“The SEC’s behavior in aggregate towards other crypto companies and projects cost orders of magnitude more and caused unquantifiable loss in economic growth for America,” he added.
Winklevoss offered several suggestions to avert future crackdowns of this kind in addition to his criticism of the SEC.
In his proposal for compensation measures, he made the case that businesses involved in regulatory disputes need to get three times their legal fees in the event that an agency does not provide clear guidelines prior to opening an inquiry.
He also proposed a “dishonorable discharge” policy, which would publicly fire SEC personnel who he believes are engaged in irrational enforcement activities and post their names and positions on the agency’s website.
Additionally, Winklevoss suggested an agency ban, which would permanently restrict regulators who had “weaponized the law” from pursuing public office.
“Just like the SEC bars individuals from trading securities if they break the law, there should be a process that bars those like Gary Gensler who weaponize the law, as well those who participate in the weaponization, from ever being appointed to or hired by an agency again,” he added.
Since 2021, the SEC has taken a tough approach against the cryptocurrency sector under previous head Gary Gensler, filing more than 100 enforcement proceedings against businesses. Major companies including Coinbase, Binance, Ripple, and Kraken were sued during his tenure on claims that they were acting as unregistered securities platforms.
Frequently condemned as “regulation by enforcement,” Gensler’s strategy resulted in court cases that influenced the industry’s interactions with regulators.
The SEC has started to scale back its crypto lawsuits since Gensler left in January. The government concluded its inquiries into Coinbase, OpenSea, Uniswap Labs, and Robinhood Crypto throughout the month of February.
