Shiba Inu (SHIB) aims to achieve a sustainable recovery, leveraging a slight increase in its key deflationary feature, the burn rate. At the time of writing, the burn rate has surged by 101%, according to data from Shibburn, bringing the total burn over the past 24 hours to 19,603,797 SHIB.
Shiba Inu Seeks to Make a Difference
While various altcoins are managing their ecosystems, Shiba Inu hopes to make a significant impact. The meme coin has maintained its position as the 12th largest cryptocurrency. However, it plans to reclaim its spot in the top ten.
After a week of intense price declines, this rise in the burn rate is a crucial step towards working back into the top ten. With a 101% increase in this metric, it is clear that more community members are interested in reducing the supply of Shiba Inu despite bearish market sentiment.
Currently, the total SHIB sent to burn addresses amounts to 410,727,062,984,335 tokens, with a cash value of $7.26 billion. The total number of Shiba Inu coins remaining in circulation is now 583,318,233,745,151 SHIB, after accounting for the meme coins locked in smart contracts, making the overall supply 5,954,703,270,513 SHIB.
Implications for Price
Based on precedents, burning 19 million SHIB overnight is too small to impact price increases significantly. However, it contributes to the bullish metrics surrounding Shiba Inu. This also comes at a time when the meme coin’s price is recovering from the bearish zone.
Read more Bright Prospects for SHIB inu: Behind-the-Scenes Developments and Significant Token Burns
At the time of writing, SHIB is trading at $0.00001763, up more than 2.6% in the past 24 hours. At this pace, both the SHIB burn rate and the steady growth of the Shiba Inu ecosystem could contribute to its price stability and potential future gains.
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