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Shiba Inu (SHIB) has witnessed a remarkable surge in its token burn rate as its price is eyeing momentum. Data from the tracking site Shibburn shows that more than 24.2 million SHIB tokens were burned during the last 24 hours. This means that the token burn rate is currently up 61.02%.
The current circulation supply of the meme coin is a whopping 582.7 trillion tokens. With such a massive circulation supply, the Shiba Inu ecosystem requires token burning events to ensure the scarcity of the SHIB tokens. A balanced circulation supply is imperative, not only for the SHIB price but for a resilient ecosystem as well.
Keeping this in mind, the Shiba Inu community has been active, sending millions of tokens to the dead wallets. Data reveals that around 410.7 trillion tokens have been burned or taken out of the initial supply. This shows the commitment of the community toward the ecosystem. The future outlook for SHIB is going to remain positive if this trend continues and the community remains steadfast.
Shiba Inu price outlook
The price of Shiba Inu has witnessed a notable rise amid the surge in its burn rate. As of writing this article, SHIB is trading at $0.00002815 after an increase of 3.18% in the last 24 hours. While the price is still down 10.86% during the last 30 days, today’s surge is hinting at a trend reversal. The meme coin may likely come out of the consolidation phase soon.
Supporting this outlook is the rising trading activity of the coin. Data shows that the 24-hour trading volume of Shiba Inu has surged by 17.39% as it currently stands at $523.51 million. Clearly, the market is now eyeing further gains from SHIB, and it appears that bulls have started to enter the market.
On the flip side, Shiba Inu may likely continue to consolidate as the market is currently anticipating the Bitcoin (BTC) halving event. Market participants may prefer to sit on the sidelines until the halving event as they may want to observe the impact of this major event on the market. Hence, the SHIB community may have to wait before they see major price movements.