Shiba Inu has been able to reclaim its position as the 14th largest cryptocurrency in the market following a tremendous run. The meme coin has mirrored the general market sentiment and has been able to embark on an upward rally that has seen it rise double-digits in the last two days.
The recovery in SHIB’s price is partly attributed to the fact that Bitcoin was able to clear the $30,000 else on Wednesday. However, on its own, the digital asset has also seen some developments that have contributed to the bullish sentiment among community members, leading to more buying activity compared to the sellers.
Shiba Inu Burn Ramps Up
The Shiba Inu burn has been in motion for about two years now as community members work toward reducing the number of total SHIB tokens in circulation. The first significant burn was that of Ethereum founder Vitalik Buterin which saw him burn around half of the total supply sent to him, leading to a massive rally.
After this, the Shiba Inu community burn was implemented to burn more tokens. Over time, the burn has caught on and now SHIB tokens are being sent to the burn address on a daily basis and the past day was no exception.
In the last day, Shibburn, a website dedicated to tracking the number of tokens burned, reported that over 341.5 million tokens were burned across five transactions. The majority of the burn was from two addresses with one wallet burning 252,873,213 tokens and the other carrying a total of 84,405,747 tokens.
In the past 24 hours, there have been a total of 341,504,230 $SHIB tokens burned and 5 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more.
— Shibburn (@shibburn) June 22, 2023
Giving SHIB The Boost It Needs
The last 24 hours have been especially good for the meme coin given that not only did its token burn ramp up but its price also saw a significant acceleration in the right direction. Just like the rest of the crypto market, SHIB’s price turned green and saw an over 10% increase in a single day.
On the weekly chart, the meme coin has performed splendidly as data from Coinmarketcap shows that Shiba Inu’s price is up more than 22% already. This boost in price saw the market cap of the digital asset rise above $4.7 billion, putting it ahead of Toncoin (TON) and allowing it to reclaim its position as the 14th largest cryptocurrency in the market.
Further good news for the meme coin is that its price is now sitting above the 20-day moving average, which paints a bullish picture for it in the short term. However, its long-term outlook is bleaker as the cryptocurrency is still firmly below its 50-day and 100-day moving averages.