According to U.Today, Shiba Inu (SHIB) has sparked hope among its community following significant developments. The meme coin's burn rate has surged by 6,018.22% today, according to token burn tracking service Shibburn. This surge has resulted in over 10.24 million SHIB tokens being burned in the last 24 hours. This is a significant update for the Shiba Inu community, especially as the crypto market has been sluggish in recent weeks. The Dogecoin (DOGE) competitor also experienced substantial losses in its trading price. However, the tide seems to be turning following this surge in its burn rate.
Sending SHIB tokens to dead wallets is a highly efficient practice that helps make it a deflationary coin. It also contributes to making the overall SHIB ecosystem more efficient and streamlined. The Shiba Inu community has successfully burned more than 410 trillion coins, with the current circulation supply of the coin standing at just over 583 trillion tokens. These figures underscore the importance of these token burn events.
Amid this latest surge in burn rate, the SHIB price is also showing signs of a potential recovery. At the time of writing, Shiba Inu is trading at $0.00001724. The price of the popular meme coin has surged 2.63% in the last 24 hours, according to CoinMarketCap. Interestingly, SHIB has seen a rise of 27.89% in its 24-hour trading volume, currently standing at $320.98 million. This rising volume indicates a shift in sentiment on the crypto market. Traders seem to be bullish on the meme coin following the recent crypto market slump, possibly anticipating another Shiba Inu price rally. The skyrocketing burn rate, coupled with the rising trading volume, suggests a possible rebound from current levels. These developments, along with support from the community, could potentially push the SHIB price to higher levels.
