The cryptocurrency market has seen a resurgence, pushing its combined market cap to $3.09 trillion. Shiba Inu (SHIB), a popular meme coin, has joined the rally, benefiting from a massive burn rate spike. Data from Shibburn reveals a 6,223% burn rate increase in the last 24 hours, with 290,321 SHIB tokens removed from circulation.
Shiba Inu Price Struggles to Reach All-Time High
Despite the market uptrend, Shiba Inu remains far from its all-time high of $0.00008845. The token is still 71% below its previous peak. However, analysts believe the current price recovery might set the stage for SHIB to surpass historical records during this bull cycle.
The Shiba Inu community continues its efforts to reduce supply. As of now, a total of 410.74 trillion SHIB tokens have been burned, leaving 583.77 trillion tokens in circulation.
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Analysts emphasize that a reduced supply is crucial for the token’s price to achieve significant growth. The Shibarium burn portal plays a key role in this ongoing supply shrinkage.
Impressive Performance Amid Market Recovery
Shiba Inu remains one of the top-performing meme coins and altcoins this year. Despite setbacks during the crypto winter, SHIB has shown strong recovery. Over the past 24 hours, its price climbed 3.41% to $0.00002535.
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In the last month, SHIB’s value surged by over 31%, with a year-to-date growth of 144%. The token’s recovery stems from consistent updates by lead developers, which keep the community engaged.
While SHIB holds its position as the second-largest meme coin, its diverse utilities continue to fuel demand. These factors contribute to its ongoing success and potential for future price gains.
