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After an unexpected price drawdown in the past 24 hours, Shiba Inu (SHIB) is finally getting back to the game. The meme coin project is gradually seeing an uptick in growth metrics, including the burn rate. As of press time, the burn rate has spiked by more than 455% to reset growth parameters.
Unexpected Shiba Inu reset
After reeling in red earlier this week, Shiba Inu is trying to pare off its losses. The token is up 1.68% in 24 hours to $0.00001765 as of writing. The digital currency has broken free from its resistance level at $0.0000174. Flipping this level as support might spell a good omen for rebooting the price overall.
With the burn rate uptick, 2,903,600 SHIB has been sent to dead wallets. This brings the total number of tokens burned to 410,730,864,390,326 SHIB, with 583,518,031,699,052 SHIB left in circulation.
HOURLY SHIB UPDATE$SHIB Price: $0.00001754 (1hr -0.91% ▼ | 24hr 1.21% ▲ )
— Shibburn (@shibburn) October 9, 2024
Market Cap: $10,336,140,813 (1.12% ▲)
Total Supply: 589,269,135,609,673
TOKENS BURNT
Past 24Hrs: 2,903,600 (445.52% ▲)
Past 7 Days: 19,157,439 (-99.05% ▼)
For Shiba Inu, the ongoing reset is pivotal for investors to gauge the project's overall health. With this, more capital might go into the meme coin, further propping up the price in the coming days.
Meme coin rebalancing taking new twist
As one of the dominant altcoins in the meme coin ecosystem, Shiba Inu has continued to enjoy the first-mover advantage. Newer alternatives like NEIRO and dogwifhat (WIF) are generally taking center stage.
With a massive price uptick for these tokens, Shiba Inu has managed to stay relevant because it pursues unique utility across the board.
The reliance on the role of Shibarium within the ecosystem continues to be a model for newer entrants looking for a sustained growth push. Overall, the quest for a meme coin that will thrive will hinge on those with utility beyond the general hype.
For now, SHIB, BONK and FLOKI are among the meme coins that fit this profile.