37 Million Shiba Inu (SHIB) in 24 Hours, What’s Happening?

Shiba Inu (SHIB) has finally witnessed a positive development amid the current bearish sentiment on the broader crypto market. The burn rate of Shiba Inu has surged 529.72% in the last 24 hours, per the latest data from Shibburn.

It further reveals that around 37.53 million SHIB tokens were burned during this time. This is an exciting development for the Shiba Inu community as it adds to the rising number of tokens being sent to dead wallets.

As of now, almost 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 continuous burning of Shiba Inu coins is considered a highly bullish move.

For instance, the reduction in the circulation supply of a coin makes it deflationary. We are well aware that Bitcoin (BTC) has a limited supply of 21 million. This makes it one of the most deflationary coins, which eventually reflects in the price of BTC.

While Shiba Inu has a very high supply, the constant burning of these tokens can also leave 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 price of SHIB is still struggling, along with the broader market. According to CoinMarketCap, Shiba Inu is currently trading at $0.00001776, down 4.83% in the last 24 hours. The market cap of the meme coin is also down 4.82%, currently standing at $10.47 billion.

While the latest surge in the burn rate has not helped the SHIB price, it is expected that it will leave a positive impact in the long-term. Sending 37.53 million tokens to dead wallets is part of a major effort. It needs to be a continuous process, which will eventually give a major boost to this highly popular meme coin.

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