More Shibtoken taken out of circulation amid growing ecosystem hype
is arguably the most important metric for determining the deflationary status of the meme coin, whose circulating supply is currently pegged around 589 trillion, per data from CoinMarketCap. With the steadily growing burn rate, there are now a number of significant upsides to watch with respect to the meme coin ecosystem.
One of these upsides hinges on the price of the Shiba Inu token. Burn rate is a supply cushioning feature that can help send a price soaring should it be matched with a corresponding demand from buyers. Per the outlook of the Shiba Inu token, this upside is quite likely seeing the 24-hour trading volume of the token up by more than 21% to $105 million.The price of Shiba Inu has showcased a bullish momentum to reflect growing sentiment thus far. The token has inched upward by 0.
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