Shiba Inu (SHIB) has seen an intense price drawdown in the past 24 hours. While other important metrics like the price have dropped overnight, the SHIB burn rate just registered a sudden 229% uptick. This boost is evidence that some members of the SHIB ecosystem retain trust in the project.
SHIB burn rate, price effect
With the latest Shiba Inu burn rate, more than 2.6 million tokens have been sent to dead wallets. Notably, this has sent the total tokens burnt thus far to 410,730,847,872,516 SHIB, with only 583,510,240,764,212 units left as circulating supply.
Though the amount removed appears small, the burn rate’s consistent growth retains positive sentiment in the ecosystem. With the hyped sentiment, prospective investors can find something to hang onto while choosing to buy the token.
At the time of writing, the price of Shiba Inu is $0.00001583, down by 5.86% in 24 hours. The token has traded within a fairly wide range within this period, dropping from a high of $0.00001702 to a low of $0.00001569 before settling at its current level.
The burn rate might be a major anchor for Shiba Inu, preventing it from slipping further below the $0.000015 support zone. If this level holds long-term, the SHIB price may soon rebound and erase another zero.
Rebound in overall market outlook
It is almost unrealistic to project a solo rally for Shiba Inu. Notably, the digital currency correlates with the broader crypto ecosystem.
With the price of Bitcoin battling to stay above the $61,000 support zone and XRP facing new uncertainty in the Ripple versus SEC legal battle, the chances of SHIB recovering in the long term are low.
However, should the market outlook improve in the near term, it might fuel a rapid rally for SHIB, banking on its volatility.
