Shiba Inu (SHIB) is exhibiting a bullish stance in the market today, taking advantage of the Bitcoin (BTC) price resurgence. At the time of writing, CoinMarketCap data pegs the Shiba Inu price at $0.000009587 after accumulating a 2% valuation jump in the last 24 hours. The new price surge has effectively boosted the token’s weekly gains to 7.56%.
Shiba Inu (SHIB) is exhibiting a bullish stance in the market today, taking advantage of the Bitcoin (BTC) price resurgence. At the time of writing, CoinMarketCap data pegs the Shiba Inu price at $0.000009587 after accumulating a 2% valuation jump in the last 24 hours. The new price surge has effectively boosted the token’s weekly gains to 7.56%.
Shiba Inu Growth Triggers
A major catalyst that has helped revive the Shiba Inu price is the rise of Bitcoin, as the major coin recently retested the $50,000 resistance level. As a token with a strong correlation with BTC, Shiba Inu also followed the bullish trend.
The Shiba Inu reboot is also due to the increase in recording rate. In a dramatic turn, data from Shibburn.com puts the total number of tokens incinerated at 27,389,472 SHIB, a 70% increase in the last 24 hours.
With the SHIB burned today, the total SHIB burned has increased to 410,708,390,210,099, while the Shiba Inu tokens in circulation now stand at 581,387,233,011,208. The meme coin supply crisis is also complemented by the 7,904,376,778,692 SHIBs that are currently up for grabs across the board.
With SHIB burning, the metrics driving optimism in the Shiba Inu ecosystem are returning, which overall bodes well for the token.
SHIB to delete a zero?
Shiba Inu is on his way to erasing one zero, a move he has attempted to do many times since earlier this year. While the token has accomplished this feat on more than one occasion, it has failed to successfully flip the $0.00001 price level as its final support level.
This now marks the next big goal for the token, with different ecosystem factors coming together to reinforce this big ambition.
