Shiba Inu (SHIB) is showing a bullish stance in the market today, riding on the resurgence of Bitcoin's price. The price of Shiba Inu has experienced a 2% increase in the past 24 hours, reaching $0.000009587, and its weekly gains have reached 7.56%.
One of the main catalysts for the revival of Shiba Inu's price is the recent boom in Bitcoin's price. As Shiba Inu has a strong correlation with BTC, it has followed the bullish trend.
Another factor contributing to Shiba Inu's reboot is the increase in the burn rate. In the past 24 hours, the total number of incinerated tokens has risen by 70% to 27,389,472 SHIB, according to data from Shibburn.com.
Currently, there are 410,708,390,210,099 incinerated SHIB tokens, while the circulating supply of Shiba Inu tokens stands at 581,387,233,011,208. Additionally, there are 7,904,376,778,692 SHIB tokens staked across the board, further tightening the supply of the meme coin.
The burn of SHIB tokens is contributing to the positive sentiment in the Shiba Inu ecosystem, indicating a promising future for the token.
Shiba Inu is on track to reach a significant milestone of erasing one zero from its price. Although the token has attempted this multiple times this year, it has not yet surpassed the $0.00001 price level, which serves as its ultimate support level.
This milestone is now the next major goal for Shiba Inu, and various factors within the ecosystem are aligning to support this ambition.
