Shiba Inu price eyes another bullish rally amid huge jump in token burn rate
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These factors are one of the key reasons why the Shiba Inu community is deeply involved in token burn events. Data from Shibburn reveals that the SHIB community has burned a whopping 410.7 billion tokens so far from the initial supply. As of this writing, the circulation supply of Shiba Inu is 582.7 trillion.Interestingly, major token burns like the one observed today have injected bullish momentum into the Shiba Inu price.
As of now, Shiba Inu is trading at $0.00003123, after an increase of 4.15% in the last 24 hours. While these may look like minor gains, the broader picture reveals quite an astonishing picture. The latest data from CoinMarketCap reveals that SHIB’s price has managed to jump around 199.96% during the last 30 days.
This massive monthly rally for Shiba Inu comes amid the recent meme coin bull, run where we witnessed some massive gains in different meme-based currencies. Led by and SHIB, the two leaders of the pack, this meme coin resurgence has defied the odds. It has successfully regained investor confidence in these meme coins, setting new industry standards.
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