Shiba Inu (SHIB) is showing signs of potential recovery, with a 101% increase in its burn rate, resulting in 19,603,797 SHIB burnt in the last 24 hours. Despite recent price drawdowns, this surge reflects growing community interest in deflating SHIB. Currently, over 410 trillion SHIB tokens have been sent to burn addresses, equivalent to $7.26 billion. Shiba Inu, a meme coin, has managed to hold its position as the 12th largest cryptocurrency, despite being overtaken by Toncoin. It is now aiming to regain a spot in the top 10.
With the current burn rate and the steady growth of the Shiba Inu ecosystem, the increased burn rate might contribute to the growing bullish metrics around SHIB. At the time of writing, SHIB was trading at $0.00001763, up by more than 2.6% in the past 24 hours. The total SHIB remaining in circulation is now 583,318,233,745,151, bringing the sum to 5,954,703,270,513 SHIB. While the 19 million SHIB burnt overnight may be too small to directly influence a price increase, it indicates positive momentum as SHIB emerges from the bearish zone.