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The broader digital currency ecosystem increased the combined market cap to $3.09 trillion, with Shiba Inu (SHIB) joining the rally. The recovery in the price of the coin itself coincides with a mega-increase in its burn rate. At the time of writing, data of Shibburn sets the burn rate at 6,223% over the last 24 hours, with 290,321 SHIBs set alight.
Shiba Inu and pushing for a new ATH
Amid this ongoing bull cycle, many meme coins have retested their all-time highs (ATH). However, Shiba Inu is lagging behind in this metric, as it is still down over 71% from its previous high of $0.00008845.
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Notably, the current Shiba Inu price trend could push it to break history during this bull run. The increased burn rate indicates sustained community engagement with the project. Currently, the total amount of SHIB burned is estimated at 410,737,812,707,584 SHIB. This leaves a total of 583,766,910,600,543 SHIBs in circulation.
Many analysts have suggested that an adequate reduction in the current supply remains an important condition for the Shiba Inu price to reach a higher level. So far, the combustion rate has constantly decreased, with the Shibarium Burn Portal contributing to the growth.
SHIB price increase
Shiba Inu remains among the most profitable coins and altcoins of the past year. Despite the incalculable damage caused by the crypto winter that drove down the price of the token, an impressive year-to-date (YTD) recovery has been seen.
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At the time of writing, the Shiba Inu price jumped 3.41% in the last 24 hours to $0.00002535. The token has surged over 31% over the past month, with year-to-date growth of 144%.
The constant push of the ecosystem arises from key product updates from core developers, a trend that has kept the community motivated. Although SHIB remains the second largest coin, it arguably has one of the most diverse utilities to fuel demand.