According to U.Today, Shiba Inu (SHIB) has experienced a significant increase in its burn rate, which has surged by over 1,072% within a 24-hour period. Data from Shibburn reveals that a total of 19,761,244 SHIB has been removed from circulation due to this burn rate.
For Shiba Inu, any growth in its core metrics is seen as a significant victory. The meme coin's price has been on a downward trend in recent weeks. According to Cryptorank data, Shiba Inu has lost over 32% of its value this month. The coin has been trading within a narrow range, from a low of $0.00001642 to a high of $0.00002627 over the past month.
The recent surge in the burn rate could potentially set Shiba Inu on a path towards a bullish recovery. At the time of writing, Shiba Inu is trading at $0.00001708, a decrease of 1.78% in 24 hours. The increase in the burn rate suggests that the token may experience significant developments in the near future.
Despite the likelihood of Shiba Inu ending June on a bearish note, the month of July holds potential for the token. Historically, Shiba Inu has ended July on a positive note twice since its inception. Given the current downturn, it is possible that this growth trend could be replicated in the coming month.
As Shiba Inu strives for a price rebound, it will likely draw on key applications within its ecosystem. Shibarium, a key part of this ecosystem, is expected to drive increased SHIB demand. Market data indicates a significant increase in contracts deployed on the protocol, suggesting that more usable applications are being integrated into the ecosystem. Over time, these developments and other milestones achieved by Shibarium could potentially drive the price of Shiba Inu higher.