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Shiba Inu (SHIB) has started to inspire optimism in its community amid some notable developments. The meme coin has skyrocketed 6,018.22% today in its burn rate, per token burn tracking service Shibburn. Thanks to this latest surge, over 10.24 million SHIB tokens have been burned in the last 24 hours.
This is a crucial update for the Shiba Inu community as the crypto market has remained in the doldrums in the past few weeks. The Dogecoin (DOGE) rival also suffered great losses in terms of its trading price. However, things appear to be shifting after this surge in its burn rate.
For those who do not know, sending SHIB tokens to dead wallets is a highly efficient practice. It is useful in making it a deflationary coin. Moreover, it helps in making the overall SHIB ecosystem more efficient and streamlined.
The Shiba Inu community has successfully burned more than 410 trillion coins. The current circulation supply of the coin is just over 583 trillion tokens. These figures are enough to emphasize the necessity of these token burn events.
SHIB price recovery potential
Amid this latest surge in burn rate, the SHIB price is also showing signs of a potential recovery. As of the time of writing, Shiba Inu is trading at $0.00001724. The price of the highly popular meme coin has surged 2.63% in the last 24 hours, per CoinMarketCap.
Interestingly, SHIB has witnessed a rise of 27.89% in its 24-hour trading volume. Currently at $320.98 million, the rising volume shows the changing sentiment on the crypto market. Traders appear to be bullish on the meme coin after the recent crypto market slump. They may be expecting another Shiba Inu price rally.
The skyrocketing burn rate coupled with the rising trading volume are indicating a possible rebound from current levels. Such developments, along with the support from the community, have the potential to push the SHIB price to higher levels.
Godfrey Benjamin
Gamza Khanzadaev
Dan Burgin
Alex Dovbnya