Shiba Inu (SHIB) has bounced back after a sudden price drop in the last 24 hours, showing signs of recovery. The popular meme coin project is experiencing growth across key metrics, most notably in its burn rate. At the time of writing, the burn rate has surged by over 455%, resetting growth parameters for the token.
SHIB Price Shows Recovery
Earlier this week, Shiba Inu struggled in the red zone but is now working to recover its losses. The token has risen by 1.68% in the past 24 hours, bringing its price to $0.00001765. SHIB has successfully broken through its resistance level of $0.0000174. If it can maintain this level as support, it could signal a positive trend for the token’s overall price rebound.
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Along with the price rise, Shiba Inu’s burn rate has also increased, with 2,903,600 SHIB sent to dead wallets. This brings the total number of burned tokens to 410.73 trillion SHIB, leaving 583.51 trillion SHIB in circulation.
The rising burn rate is a key metric for investors assessing the project’s health. A higher burn rate suggests a reduction in supply, which could help drive the token’s price up in the future.
Shiba Inu Retains Relevance in a Competitive Market
Shiba Inu’s ability to recover and grow remains critical as it competes with newer meme coins like NEIRO and dogwifhat (WIF). Despite the emergence of these alternatives, SHIB continues to stay relevant due to its unique utility across the board.
Related article: Shiba Inu Rebounds Strongly: Can It Reach a New All-Time High?
Shibarium, Shiba Inu’s layer-2 solution, plays a significant role in driving the token’s ecosystem. Newer projects are looking to replicate its model of sustained growth.
Investors are focusing on meme coins with real utility, rather than those driven purely by hype. Currently, SHIB, BONK, and FLOKI are among the meme coins offering such value.
