According to U.Today, Shiba Inu (SHIB) has seen a significant increase in its token burn rate, while its price is gaining momentum. The tracking site Shibburn reports that over 24.2 million SHIB tokens were burned in the last 24 hours, indicating a 61.02% increase in the token burn rate. The current circulating supply of the meme coin is a staggering 582.7 trillion tokens. To ensure the scarcity of the SHIB tokens, the Shiba Inu ecosystem necessitates token burning events. A balanced circulating supply is crucial not only for the SHIB price but also for a robust ecosystem.
The Shiba Inu community has been proactive, sending millions of tokens to dead wallets. Data shows that approximately 410.7 trillion tokens have been burned or removed from the initial supply, demonstrating the community's commitment to the ecosystem. If this trend continues and the community remains steadfast, the future outlook for SHIB is expected to stay positive.
The price of Shiba Inu has seen a significant increase amid the surge in its burn rate. At the time of writing, SHIB is trading at $0.00002815, up 3.18% in the last 24 hours. Despite a 10.86% drop over the last 30 days, today's surge suggests a potential trend reversal. The meme coin may soon exit the consolidation phase. This outlook is supported by the coin's increasing trading activity. Data indicates that Shiba Inu's 24-hour trading volume has risen by 17.39% to $523.51 million.
However, Shiba Inu may continue to consolidate as the market anticipates the Bitcoin (BTC) halving event. Market participants may choose to wait until the halving event to observe its impact on the market. Therefore, the SHIB community may need to wait before witnessing major price movements.