37 million Shiba Inu (SHIB) in 24 hours, what is happening?

37 million Shiba Inu (SHIB) in 24 hours, what is happening?

Shiba Inu (SHIB) has finally witnessed positive development amid the current bearish sentiment in the broader crypto market. SHIB burn rate has increased by 529.72% in the last 24 hours, according to the latest data from shibburn.

Shiba Inu (SHIB) has finally witnessed positive development amid the current bearish sentiment in the broader crypto market. SHIB burn rate has increased by 529.72% in the last 24 hours, according to the latest data from shibburn.

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Furthermore, around 37.53 million SHIB tokens have been burned during this time. This is an exciting update for the Shiba Inu community as this latest surge adds to the growing number of tokens being sent to dead wallets.

At the time of this publication, around 410.7 billion tokens of the coin’s initial circulating supply have been burned. Notably, the current supply of the meme coin is 583.3 billion tokens. This continued burning of Shiba Inu coins is a very bullish move for several reasons.

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For example, reducing the circulating supply of a currency makes it deflationary in nature. We know Bitcoin (BTC) It has a limited supply of 21 million coins. This unique aspect makes it one of the most deflationary coins in the industry, which eventually leaves a positive impact on the price of BTC.

While Shiba Inu has a very high supply, the constant burning of these tokens can also have a positive impact on its price. It may not be as good as Bitcoin, but it can still make SHIB one of the deflationary cryptocurrencies on the market.

What does it mean for Shiba Inu price?

Meanwhile, the current SHIB price continues to struggle, along with the broader market. According CoinMarketCap, Shiba Inu is currently trading at $0.00001776, down 4.83% in the last 24 hours. The market capitalization of the coin meme It has also fallen by 4.82%, currently standing at $10.47 billion.

While the latest increase in the burn rate has not helped the SHIB price, it is expected to leave a positive impact in the long term. Sending 37.53 million tokens to dead wallets is part of a huge effort. It should be an ongoing process, which will eventually give a big boost to this very popular meme coin.

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