The crypto market has started to recover after the recent price crash. In this context Shiba Inu It is observed that coin (SHIB) is gaining positive momentum. Additionally, a number of key price indicators and signals for the popular meme coin have begun to show a bullish trend. This indicates further bullish momentum.
According to data from Shibburn, Shiba Inu burn rates have increased by almost 260% in the last 24 hours. As a result of this latest surge, over 31.3 million SHIB tokens were burned during this time. Shibburn data also highlights that approximately 582.62 billion SHIB coins remain in circulation after this latest token burn.
Shiba Inu Aims to Gain More Momentum
The token burning mechanism is a very critical element for the SHIB ecosystem. This mechanism aims to maintain the SHIB as a deflationary currency. Additionally, it contributes to keeping the ecosystem strong and resilient by reducing the overall circulation supply. Token burning process, in general meme coinIt may contribute to a positive impact on the population and increase the price of the Shiba Inu. The Shiba Inu community has also recognized the importance of token burn events and is striving to support this core aspect of the SHIB ecosystem.
Notably, Shibburn data shows that approximately 410.72 trillion SHIBs have been burned so far. This is a reflection of the efforts of the community. The latest wave of token burns has come with a massive price recovery for SHIB. Although we witnessed major liquidations during the recent crypto market crash, the Shiba Inu price is currently gaining some momentum. According to CoinMarketCap data, SHIB is currently trading around $0.0000271.
SHIB price increased by 7.61% in the last 24 hours. This shows how the price has recovered from recent losses. Additionally, SHIB’s market capitalization witnessed a rise of 7.70% during this period. This reached $15.97 billion, making SHIB the 11th largest by market value. crypto- makes it into
