Shiba Inu (SHIB) has finally seen a positive development amid the current bearish trend in the broader crypto market. According to the latest data from Shibburn, the burn rate of Shiba Inu has surged by 529.72% in the last 24 hours.
Approximately 37.53 million SHIB tokens were burned during this period, marking an exciting development for the Shiba Inu community as more tokens are being sent to dead wallets.
To date, nearly 410.7 trillion SHIB tokens have been burned from the initial circulation supply. The current supply of the meme coin stands at 583.3 trillion tokens. This ongoing burning of Shiba Inu coins is viewed as a highly bullish move.
The reduction in the circulating supply of a coin makes it deflationary. For instance, Bitcoin (BTC) has a limited supply of 21 million, which makes it one of the most deflationary coins and positively impacts its price.
Although Shiba Inu has a much higher supply, the constant burning of tokens can still positively affect its price. While it may not match Bitcoin, it can make SHIB one of the deflationary cryptocurrencies on the market.
What Does This Mean for Shiba Inu’s Price?
Meanwhile, the current price of SHIB is struggling, along with the broader market. According to CoinMarketCap, Shiba Inu is trading at $0.00001776, down 4.83% in the last 24 hours. The market cap of the meme coin has also decreased by 4.82%, currently standing at $10.47 billion.
Although the recent surge in the burn rate has not immediately impacted the SHIB price, it is expected to have a positive long-term effect. Sending 37.53 million tokens to dead wallets is a significant effort, and if this process continues, it could eventually provide a major boost to this highly popular meme coin.