As the cryptocurrency market begins to recover from the recent downturn, the popular altcoin Shiba Inu (SHIB) has emerged with notable positive momentum. The current trend signals a potential positive shift in investor interest towards the popular altcoin. Fundamental price indicators and signals are starting to show an upward trend for SHIB, with an expected rise in its price trajectory.
Token Burn Rate Increases by 260%
Recent data from Shibburn reveals a significant increase in Shiba Inu’s token burn rate, with an approximate 260% rise over the last 24 hours. This surge resulted in over 31.3 million SHIB being burned and removed from circulation. Following these recent burns, approximately 582.62 billion SHIB remain in circulation.
Token burning plays a crucial role in the Shiba Inu ecosystem as it helps to reduce the overall circulating supply of SHIB, contributing to its emergence as a deflationary currency. Moreover, it positively affects the altcoin’s price by increasing the resilience and strength of the SHIB ecosystem.
The Shiba Inu community, aware of their importance in shaping the SHIB ecosystem, actively supports token burn events, contributing directly to the burns. According to data provided by Shibburn, the efforts of the Shiba Inu community have so far led to nearly 410.72 trillion SHIB being burned and removed from circulation.
SHIB’s Price is on the Rise
The recent increase in token burning coincided with a notable price recovery for SHIB, following the latest downturn and strong liquidation wave that hit the overall cryptocurrency market. At the time of writing, SHIB is trading around $0.0000271, which corresponds to a 7.61% increase over the last 24 hours.
Additionally, Shiba Inu’s market value has increased by 7.70% during this period, reaching $15.97 billion. This increase in market value has solidified SHIB’s position as the 11th largest cryptocurrency by market capitalization.
