In the latest market movements, Shiba Inu (SHIB) displays a bullish momentum, capitalizing on the resurgence of Bitcoin’s (BTC) price. As of the latest data from CoinMarketCap, Shiba Inu’s price stands at $0.000009587, marking a 2% increase in valuation over the past 24 hours. This upward surge has propelled the token’s weekly gains to 7.56%.
A significant factor contributing to the revival of Shiba Inu’s price is the recent surge in Bitcoin’s value, as the leading cryptocurrency tested the $50,000 resistance level. Given SHIB’s strong correlation with BTC, it has followed suit in this bullish trend.
Another contributing factor to Shiba Inu’s resurgence is the rise in its burn rate. Data from Shibburn.com reveals a dramatic increase in the total number of burned tokens, reaching 27,389,472 SHIB, a 70% surge within 24 hours.
Shiba Inu’s Burn Results And Circulating Supply
Following this latest burn, the total incinerated SHIB now stands at 410,708,390,210,099, while the circulating supply of SHIB tokens amounts to 581,387,233,011,208. Moreover, a significant portion of SHIB, totaling 7,904,376,778,692, is currently staked across the ecosystem.
The recent burn event underscores the positive metrics within the SHIB ecosystem, signaling a promising outlook for the token. Shiba Inu is poised to eliminate one zero from its price, a goal it has pursued vigorously throughout the year. While achieving this milestone multiple times in the past, it has yet to firmly establish the $0.00001 level as its ultimate support.
Moving forward, flipping this crucial price level becomes the next significant objective for the token, with various ecosystem factors aligning to support this endeavor.