Shiba Inu (SHIB) Burn Rate Surges 544% as Price Breaks Major Resistance

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Shiba Inu (SHIB) is starting the week positively, as all of its core metrics have lit up in green. The burn rate stands out atop a 544.55% surge, with 5,166,319 SHIB sent to dead wallets. It is not uncommon to find an uptick in burn rates when it corresponds with visible price growth; it generally hints that a positive shift is occurring in the meme coin’s ecosystem. 

Shiba Inu burn: Making difference

With the latest SHIB burn surge, the token has moved to shift broader ecosystem sentiment. With the mild burns, the total Shiba Inu burnt from the initial supply has shrunk to 410,730,860,954,467 SHIB. This leaves the community with a total circulating supply of 583,515,635,336,416 SHIB.

In reality, the core goal of the Shiba Inu burn feature is to reduce the supply so that there can be appreciable price gains. Despite the erratic nature of the actual SHIB burnt per time period, this deflationary metric has continued to make a difference for Shiba Inu.

As of press time, the meme coin is changing hands for $0.00001845 after amassing 6.64% gains in the past 24 hours. SHIB has conveniently pared off the losses recorded over the past week at this price level, now shrunk to 1.64%.

What's next for SHIB?

Shiba Inu has its community to drive its agenda continually. Since the launch of the SHIB burn portal, the token has been consistently incinerated. This is expected to continue at an even faster pace as adoption grows.

The core team behind Shiba Inu has been placing different emphasis on new product launches. Though the rollout of these products appears phased, this does not negate what they represent in terms of building use cases that can further drive SHIB's growth.

If the current projections play out as planned, the SHIB price may retest the $0.00002 price in the short term.