Shiba Inu, continues to recover as it continues to increase its burns. According to data from Shibburn, at the time of writing the burn rate has increased by 101% and 19,603,797 SHIB tokens have been burned in the last 24 hours.
While different altcoins are making various moves in their ecosystems, Shiba Inu aims to make a big difference. meme coin; Despite being dethroned by Toncoin, it has managed to maintain its position as the 12th largest cryptocurrency and is looking to break into the top 10 again.
After a week of intense price declines, this increase in burn rate is seen as an important starting point on the way back to the top 10. This 101% increase shows that community members are more willing to keep the Shiba Inu deflationary, even though market sentiment is bearish.
According to available data, the total amount of SHIB sent to burn addresses has now reached 410,727,062,984,335 tokens, worth $7.26 billion. The total amount of Shiba Inu in circulation was determined as 583,318,233,745,151 SHIB after removing the meme coins locked in staking smart contracts, leaving a total of 5,954,703,270,513 SHIB.
Looking at historical data, the 19 million SHIB burned overnight does contribute to the bullish metrics around the Shiba Inu, although it is not enough to impact the price increase. Additionally, the meme coincides with a period when the coin’s price is trying to break out of the decline zone.
At the time of writing, SHIB was trading at $0.00001763 and was up more than 2.6% in the last 24 hours. At this rate, both the increase in SHIB burning rate and the steady growth of the Shiba Inu ecosystem could make a difference in the short term.
