According to U.Today, Shiba Inu (SHIB) is showing signs of a potential recovery, with a notable increase in its core deflationary feature, the burn rate. The burn rate has risen by 101%, resulting in a total of 19,603,797 SHIB being burnt in the last 24 hours. 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.
In the wake of a week of significant price drawdowns, this increase in the burn rate is a key strategy for moving towards the top 10. The 101% surge in this metric indicates a growing number of community members interested in deflating Shiba Inu, despite a bearish market sentiment. As per the current figures, the total SHIB sent to burn addresses now exceeds 410,727,062,984,335 tokens, equating to a monetary value of $7.26 billion.
After accounting for meme coins locked in staking smart contracts, the total number of Shiba Inu remaining in circulation is now 583,318,233,745,151 SHIB, bringing the sum to 5,954,703,270,513 SHIB. While the 19 million SHIB burnt overnight may be too small to directly influence price increase, it contributes to the growing bullish metrics around Shiba Inu. This comes at a time when the price of the meme coin is emerging from the bearish zone.
At the time of writing, SHIB was trading at $0.00001763, up by more than 2.6% in the past 24 hours. With the current pace of the SHIB burn rate and steady growth of the Shiba Inu ecosystem, it might make a difference in the near term.