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The crypto market has started to rebound from the recent price crash, and it appears that Shiba Inu (SHIB) has started to generate positive momentum. In addition, numerous essential price indicators and signals have started to turn bullish for the popular meme coin, indicating further bullish momentum.
For instance, data from Shibburn reveals that the burn rate of Shiba Inu has jumped by almost 260% in the last 24 hours. As a result of this latest jump, more than 31.3 million SHIB tokens were burned during this time. Shibburn data further highlights that nearly 582.62 billion SHIB coins are left in circulation after this most recent token burn event.
Shiba Inu eyes further momentum
The token burning mechanism is an essential thing for the Shiba Inu ecosystem. While it keeps SHIB a deflationary currency by reducing its overall circulation supply, it also helps keep the ecosystem robust and resilient. Overall, the SHIB token burning mechanism impacts the meme coin positively, which can also be reflected in the Shiba Inu price.
The Shiba Inu community also understands the significance of token burning events. The community has been putting its energy behind this essential aspect of the SHIB ecosystem. Notably, the Shibburn data reflects the community’s efforts as it shows that almost 410.72 trillion Shiba Inu tokens have been burned so far.
This latest token burn surge comes along with a major price rebound for SHIB. After the recent crypto market crash, where we witnessed massive liquidations, the Shiba Inu price is now generating some momentum. Data from CoinMarketCap reveals that SHIB is currently trading around the $0.0000271 mark.
The SHIB price is currently up 7.61% in the last 24 hours, showing how the price has rebounded from recent losses. Additionally, the market capitalization of Shiba Inu has witnessed an increase of 7.70% during this time. This takes it to $15.97 billion, making SHIB the 11th largest crypto in terms of market cap.
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