Shiba Inu (SHIB) has joined the surge in the overall market capitalization of digital currencies, which has grown to $3.09 trillion. The meme coin’s burn rate has skyrocketed in tandem with its price recovery. According to Shibburn data, 290,321 SHIB tokens were burned in the last 24 hours, indicating a burn rate of 6,223%.
Shiba Inu’s Race to New All-Time High
Many meme coins have retested their all-time highs (ATHs) during this current bull cycle. However, Shiba Inu is trailing behind in this measure since it has still dropped more than 71% from its peak of $0.00008845.
Notably, the price of Shiba Inu is currently trending in a direction that could propel it to break records during this bull run. The increase in burn rate suggests that the community has remained committed to the project. The current estimate of the total SHIB burned is 410,737,812,707,584 SHIB.
There are now 583,766,910,600,543 SHIB in circulation overall. According to numerous observers, reducing the existing supply sufficiently is still a crucial requirement for the price of Shiba Inu to rise. The Shibarium burn gateway has helped to increase the burn rate, which has continuously decreased thus far.
Shiba Inu Price Update
Shiba Inu is still one of the most lucrative altcoins and memes from the previous year. The token’s price has recovered impressively year-to-date (YTD), despite the unimaginable harm caused by the crypto winter.
As of this writing, Shiba Inu’s price has increased by 3.41% to $0.00002535 over the previous day. With a cumulative YTD rise of 144%, the token has increased by over 31% in the last month.
Key product releases from the primary developers are the source of the ongoing ecosystem push, which has inspired the community. Even though SHIB is still the second-biggest meme coin, it may have some of the most varied uses for increasing demand.
Conclusion
Shiba Inu (SHIB) has shown promising signs of growth amidst a bullish crypto market, with a 6,223% surge in its burn rate and a year-to-date price increase of 144%.
Despite still being 71% below its all-time high, community-driven burn initiatives and ecosystem developments, such as the Shibarium burn gateway, have reinforced SHIB’s recovery momentum.
Analysts emphasize that further reducing the circulating supply remains critical for driving SHIB’s price to new heights, while the coin’s diverse use cases continue to bolster demand within the meme coin sector.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.