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The Shiba Inu (SHIB) community is rejoicing after the latest token burn of the popular meme coin. Data from tracking service Shibburn reveals that the burn rate of SHIB has skyrocketed by 1,207.63% in the last 24 hours only. Moreover, more than 51 million Shiba Inu tokens were sent to dead addresses during this time.
Shiba Inu, the second-biggest meme coin in terms of market capitalization, relies heavily on the token burn mechanism. The token has a gigantic circulation supply, so it needs these massive token burn events for a more efficient supply. In addition, reducing the total supply of SHIB is essential to ensure the coin remains deflationary.
These factors are one of the key reasons why the Shiba Inu community is deeply involved in token burn events. Data from Shibburn reveals that the SHIB community has burned a whopping 410.7 billion tokens so far from the initial supply. As of this writing, the circulation supply of Shiba Inu is 582.7 trillion.
Shiba Inu gathers bullish momentum
Interestingly, major token burns like the one observed today have injected bullish momentum into the Shiba Inu price. While we may not see giant price rallies, token burn events can lead to some notable gains in the price. Notably, the SHIB price is already on the lookout for a breakout.
As of now, Shiba Inu is trading at $0.00003123, after an increase of 4.15% in the last 24 hours. While these may look like minor gains, the broader picture reveals quite an astonishing picture. The latest data from CoinMarketCap reveals that SHIB’s price has managed to jump around 199.96% during the last 30 days.
This massive monthly rally for Shiba Inu comes amid the recent meme coin bull, run where we witnessed some massive gains in different meme-based currencies. Led by Dogecoin (DOGE) and SHIB, the two leaders of the pack, this meme coin resurgence has defied the odds. It has successfully regained investor confidence in these meme coins, setting new industry standards.
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