Shiba Inu (SHIB) is exhibiting a bullish stance on the market today, riding on the resurgence of the price of Bitcoin (BTC). At the time of writing, data from CoinMarketCap pegs Shiba Inu’s price at $0.000009587 after amassing a 2% valuation jump in the past 24 hours. The renewed price surge has effectively pushed the token’s weekly gains to 7.56%.
Shiba Inu growth triggers
One major catalyst that has helped revive the price of Shiba Inu is the boom in that of Bitcoin as the top coin recently retested the $50,000 resistance level. As a token with a strong correlation with BTC, Shiba Inu also followed the bullish trend.
Shiba Inu’s reboot also comes from the uptick in the burn rate. In a dramatic twist, data from Shibburn.com pegs the total number of incinerated tokens at 27,389,472 SHIB, up by 70% in the past 24 hours.
With the SHIB burnt today, the total incinerated SHIB has now jumped to 410,708,390,210,099, while the Shiba Inu tokens in circulation now come in at 581,387,233,011,208. The supply crunch of the meme coin is also complemented by the 7,904,376,778,692 SHIB that are currently staked across the board.
With the SHIB burn, the metrics driving optimism in the Shiba Inu ecosystem are returning, spelling a generally good omen for the token.
SHIB to clear one zero?
Shiba Inu is on track to erase one zero, a move it has attempted to do many times since the start of this year. While the token has achieved this feat on more than one occasion, it has not successfully flipped the $0.00001 price level as its ultimate support level.
This now marks the next major goal for the token, with different ecosystem factors coming together to bolster this major ambition.