According to U.Today, Shiba Inu (SHIB) has seen a significant positive shift despite the prevailing bearish sentiment in the wider cryptocurrency market. The burn rate of SHIB has increased by 529.72% in the past 24 hours, according to recent data from Shibburn. Additionally, approximately 37.53 million SHIB tokens have been burned during this period.
This development is encouraging for the Shiba Inu community as it contributes to the increasing number of tokens being sent to dead wallets. As of this report, about 410.7 trillion tokens have been burned from the initial circulation supply of the coin. The current supply of the meme coin stands at 583.3 trillion tokens. This ongoing burning of Shiba Inu coins is seen as a bullish move for several reasons.
For instance, the decreasing circulation supply of a coin makes it deflationary. Bitcoin (BTC), with its limited supply of 21 million coins, is one of the most deflationary coins in the industry, which positively impacts the BTC price. While Shiba Inu has a very high supply, the constant burning of these tokens could also positively impact its price, potentially making SHIB one of the deflationary cryptocurrencies on the market.
However, the current price of SHIB is still struggling, in line with the broader market. CoinMarketCap reports that Shiba Inu is currently trading at $0.00001776, down 4.83% in the last 24 hours. The market cap of the meme coin has also decreased by 4.82%, currently standing at $10.47 billion. While the recent surge in the burn rate has not yet boosted the SHIB price, it is anticipated to have a positive long-term impact. The process of sending 37.53 million tokens to dead wallets is part of a significant effort and needs to be continuous, which could eventually provide a major boost to this popular meme coin.