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The broader digital currency ecosystem has increased the combined market cap to $3.09 trillion, with Shiba Inu (SHIB) joining the rally. The revival in the price of the meme coin coincides with a mega uptick in its burn rate. At the time of writing, data from Shibburn pegs the burn rate at 6,223% in the past 24 hours, with 290,321 SHIB torched.
Shiba Inu and push for new ATH
Amid this ongoing bull cycle, many meme coins have retested their all-time highs (ATHs). However, Shiba Inu is lagging in this metric, as it is still down by more than 71% from its previous high of $0.00008845.
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Notably, the current trend in the price of Shiba Inu may push it toward breaking history this bull run. The burn rate surge indicates sustained community commitment to the project. Currently, the total amount of SHIB burnt is pegged at 410,737,812,707,584 SHIB. This leaves a total of 583,766,910,600,543 SHIB in circulation.
Many analysts have suggested that adequately shrinking the current supply remains a significant condition for the Shiba Inu price to hit a higher level. Thus far, the burn rate has consistently shrunk, with the Shibarium burn portal contributing to the boost.
SHIB price boost
Shiba Inu remains among the most profitable meme coins and altcoins this past year. Despite the untold damages done by the crypto winter pushing down the token’s price, an impressive recovery year-to-date (YTD) has been seen.
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At the time of writing, the price of Shiba Inu has jumped by 3.41% in the past 24 hours to $0.00002535. The token has jumped by more than 31% in the past month, with its cumulative YTD growth at 144%.
The constant ecosystem push stems from key product updates from the lead developers, a trend that has kept the community motivated. While SHIB remains the second-largest meme coin, it arguably has one of the most diverse utilities for fueling demand.
