Shiba Inu (SHIB) is betting on a sustained recovery, taking into account the slight rebound in its main deflationary characteristic, the burn rate. At the time of writing, the burn rate has increased by 101%, according according to Shibburn data, placing the total burned in 24 hours at 19,603,797 SHIB.
Shiba Inu (SHIB) is betting on a sustained recovery, taking into account the slight rebound in its main deflationary characteristic, the burn rate. At the time of writing, the burn rate has increased by 101%, according according to Shibburn data, placing the total burned in 24 hours at 19,603,797 SHIB.
Shiba Inu wants to make a difference
While different altcoins are pulling the strings in their respective ecosystems, Shiba Inu hopes to make a big difference. The meme coin has managed to maintain its stance as the 12th largest cryptocurrency after being dethroned by Toncoin; However, she plans to regain a spot in the top 10.
Gamza KhanzadaevAfter a week of intense price drops, this rebound in burn rate is an important way to start working towards the top 10. With the 101% increase in this metric, it is evident that more community members are interested in deflating Shiba Inu despite the bearish market sentiment.
With current figures, the total SHIB now sent to burn addresses exceeds 410,727,062,984,335 tokens, with a monetary value of $7.26 billion.
The total number of Shiba Inu left in circulation is now worth 583,318,233,745,151 SHIB after discounting the meme coins locked in smart contracts, bringing the sum to 5,954,703,270,513 SHIB.
Implications for price
Based on precedents, the 19 million SHIB burned overnight is too small to influence the price increase. However, it adds to the growing bullish metrics statistics around Shiba Inu. It also comes at a time when the price of the meme coin is breaking out of the bearish zone.
Gamza KhanzadaevAt the time of writing, SHIB was changing hands for $0.00001763, up more than 2.6% in the last 24 hours. At this rate, both the SHIB burn rate and the continued growth of the Shiba Inu ecosystem could help make a difference in the short term.
