Shiba Inu has started off the new week on a very positive note, with key on-chain metrics flashing bullish signals.
With momentum building up again, massive Shiba Inu burn activities have been conducted in the last 24 hours, as tens of millions of the leading meme tokens are now out of circulation.
53,628,154 SHIB exit circulation
On Monday March 16, Shibburn, a blockchain monitoring platform that tracks SHIB’s burn activities, showcased a massive 1,699% increase in the Shiba Inu burn rate over the last 24 hours.
The four-figure increase in the metric shows that SHIB’s circulating supply has now dropped to 585,475,780,963,671 SHIB.
While there are other factors that drive the quantity of SHIB torched in a day, the team has watched this deflationary activity as an intentional move to control the meme token’s supply to drive scarcity and position it for higher price upswings.
SHIB price surges 5%
The massive SHIB token burn has coincided with a rapid increase in the price of SHIB, sparking renewed interest across the broad crypto market.
With the leading meme token pulling off strong price moves, data from CoinMarketCap shows that Shiba Inu has surged by 4.97% over the last 24 hours. Following this strong rally, the asset is now trading at $0.000006136 as of writing time.
In addition to this, its trading volume has skyrocketed by a massive 107.15% over the period, as demand begins to return to the market.
With the large token burn rate, coinciding with surging demand for the asset, Shiba Inu is set for a higher price increase in the near future.
