Shiba Inu (SHIB) is on a major bullish recovery streak today as key growth metrics including the burn rate have recorded a mild uptick.
Shiba Inu Bulls In Takeover Mode
Current data from Shibburn pegs the burn rate at 127.57% with a total of 29,484,000 SHIB sent to inactive wallets in 24 hours. Several addresses contributed to this uptick with the largest tagged “0x2db…cf652” which sent 14,450,388 SHIB to the dead wallets.
Besides this, another wallet “0x502f…bb7b1” also transferred a total of 11,955,222 SHIB to the burn address. Several smaller SHIB amounts ranging from 78,269 tokens to 1,667,634 units also made it to the burn address from different wallets.
In the past 24 hours, there have been a total of 29,484,000 $SHIB tokens burned and 11 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/Z1wN3fRdsH
— Shibburn (@shibburn) May 14, 2024
With the latest burning events, the total incinerated SHIB to date now comes in at 410,726,394,037,487 SHIB. This leaves a circulating supply of 582,956,705,766,296 SHIB. Additionally, tokens locked in staking contracts come in at 6,316,900,196,216 SHIB.
This burn rate is visibly essential in rebooting the sentiment and outlook surrounding the Shiba Inu project. The more the SHIB burnt, the more the supply is crunched, bearing a positive impact on the price.
SHIB Bearish Drawdown Cleared
The token’s price growth remains in the spotlight today as SHIB is up 6.25% in 24 hours to $0.00002379. This lighted price outlook stems from a more than 280% in daily trading volume to $958,814,068. With this volume, Shiba Inu is now the 12th most traded digital currency in the market today.
Shiba Inu has recorded an impressively dynamic ecosystem boost in recent times. This confluence of positive updates that spread to Shibarium has positioned the token for the current revival it is recording.
Overall, SHIB looks primed to reclaim the $0.000025 mark it lost on May 6. The broader market sentiment might also contribute to its bullish recovery in the long term. For the core Shiba Inu proponents, reclaiming $0.000025 is not the ultimate end goal. The goal remains to soar to 1 cent in the long term and the burn rate is the major trigger to achieve this.