#EyesOnBTC The broader digital currency ecosystem has increased the combined market cap to $3.09 trillion, with Shiba Inu ($SHIB
) joining the rally. The revival in the price of the meme coin coincides with a mega uptick in its burn rate. At the time of writing, data from Shibburn pegs the burn rate at 6,223% in the past 24 hours, with 290,321 SHIB torched.
Shiba Inu and push for new ATH
Amid this ongoing bull cycle, many meme coins have retested their all-time highs (ATHs). However, Shiba Inu is lagging in this metric, as it is still down by more than 71% from its previous high of $0.00008845.
Notably, the current trend in the price of Shiba Inu may push it toward breaking history this bull run. The burn rate surge indicates sustained community commitment to the project. Currently, the total amount of SHIB burnt is pegged at 410,737,812,707,584 SHIB. This leaves a total of 583,766,910,600,543 SHIB in circulation. Many analysts have suggested that adequately shrinking the current supply remains a significant condition for the Shiba Inu price to hit a higher level. Thus far, the burn rate has consistently shrunk, with the Shibarium burn portal contributing to the boost.
