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Shiba Inu (SHIB) witnessed a 284.37% upsurge in the deflationary mechanism in the last 24 hours. This occurred following a critical price rebound move by the dog-themed meme coin. The SHIB community rallied to incinerate fresh batches of tokens to ensure price stability.
SHIB burn rate soars, signaling bullish sentiment
The deflationary move sent 12,546,958 SHIB into dead wallets within 24 hours. The destruction of these SHIB tokens has triggered optimism among Shiba Inu holders of a possible sustained price recovery.
Notably, the SHIB community routinely removes some SHIB from circulation. This strategy helps reduce the supply's circulation over time and creates scarcity. The idea behind this approach is to drive up value over time and make the token’s price soar.
Arman ShirinyanData from Shibburn, a platform that tracks Shiba Inu burn activity, shows that the total SHIB burnt from the initial supply now stands at 410,743,188,960,287 SHIB. This leaves 410,743,188,960,287 SHIB as the circulating supply in the ecosystem.
Meanwhile, a total of 410,743,188,960,287 SHIB remain staked on the platform.
Following the massive burn rate, SHIB’s price has remained sideways, finding support at the $0.0000180 level in trading.
As of this writing, SHIB is changing hands at $0.00001862, a 1.17% rise in the last 24 hours. Its trading volume has also climbed by 18.35% to $333.92 million.
Will ecosystem development support price growth?
Amid SHIB’s price struggles, market participants continue to invest in the meme coin, confident of its rebound. As reported by U.Today, over 18 trillion SHIB tokens have been committed to open interest across different exchanges as investors’ interest grows.
Godfrey BenjaminAnalysts speculate the meme coin could post new price levels given ecosystem developments. Shiba Inu lead developer Shytoshi Kusama recently teased a major announcement that would make the ecosystem powerful.
Besides the anticipated announcement, there are talks of building a bridge between Shibarioum and Solana. These developments could support SHIB’s price rediscovery.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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