Shiba Inu (SHIB) has finally witnessed a positive development amid the current bearish sentiment on the broader crypto market. SHIB's burn rate has surged 529.72% in the last 24 hours, per the latest data from Shibburn.
Moreover, around 37.53 million SHIB tokens have been burned during this time. This is an exciting update for the Shiba Inu community as this latest surge adds to the rising number of tokens being sent to dead wallets.
As of this publication, around 410.7 trillion tokens have been burned from the initial circulation supply of the coin. Notably, the current supply of the meme coin is 583.3 trillion tokens. This continuous burning of Shiba Inu coins is a highly bullish move for a number of reasons.
For example, the reducing circulation supply of a coin makes it deflationary in nature. We know that Bitcoin (BTC) has a limited supply of 21 million coins. This unique aspect makes it one of the most deflationary coins in the industry, which eventually leaves a positive impact on the BTC price.
While Shiba Inu has a very high supply, the constant burning of these tokens can also leave a positive impact on its price. It may not be as good as Bitcoin, but it can still make SHIB one of the deflationary cryptocurrencies on the market.
What does it mean for Shiba Inu price?
Meanwhile, the current price of SHIB is still struggling, along with the broader market. According to CoinMarketCap, Shiba Inu is currently trading at $0.00001776, down 4.83% in the last 24 hours. The market cap of the meme coin is also down 4.82%, currently at $10.47 billion.
While the latest surge in the burn rate has not helped the SHIB price, it is expected that it will leave a positive impact in the long-term. Sending 37.53 million tokens to dead wallets is part of a major effort. It needs to be a continuous process, which will eventually give a major boost to this highly popular meme coin.