The Shiba Inu (SHIB) meme coin is persevering in its endeavour to recoup its diminished value, and this time it is focusing on raising sentiment by leveraging the optimism in its burn rate. According to statistics from Shibburn.com, the burn rate measurements indicate that 61,229,037 SHIB tokens have been burned in total over the last 24 hours, which, at the time of writing, indicates a rise of 62%.
Tracts of SHIB tokens were delivered to the dead wallet from at least two separate addresses, which were responsible for the enormous token burning.
The burn rate has significantly reduced the amount of the Shiba Inu protocol that is in circulation, despite the fact that its immediate effects may be unclear. A smart strategy to position the token for long-term price increases is to gradually remove certain SHIB tokens from circulation.
At this point, it is already obvious how the burn rate and the increase in the price of SHIB are related. SHIB is currently trading at a price of $0.000007256 on top of a modest increase of 1.3% over the last 24 hours, according to data from CoinMarketCap.
Shiba Inu on a moving elevator
The price of the Shiba Inu token is rising across the board due to a variety of basic factors, giving the impression that it is riding an elevator. Shibarium, the ecosystem’s Layer-2 network, has recently achieved a number of significant firsts.
In a market where other, more established Layer-2 blockchain networks dominate, the positive emotion of these milestones, which include growth in both user numbers and overall transactions, is a boost that can encourage greater adoption.
The burn rate of Shiba Inu is anticipated to play a special role in this context as it maintains its optimism to retest new price levels.
