Shiba Inu (SHIB) has seen a number of its metrics explode in recent times with price and burn rate setting an unexpected revival boost. After dropping as low as $0.00001667 in the past 24 hours, Shiba Inu is now back to $0.00001728 atop 2.35% growth in 24 hours.
Shiba Inu burn rate as uptick catalyst
Shiba Inu has seen its burn rate metric jump as high as 229% in the past 24 hours with a total of 3,773,286 SHIB sent to dead wallets. While this SHIB quantity incinerated might be small, it underscores a very significant resilience push for the meme coin.
For a deflationary process that is generally based on the prerogative of community members, having any uptick in this metric is a boost. This is because it underscores the positive disposition of the community to the ecosystem.
With the latest uptick, the total number of Shiba Inu burned since inception is now pegged at 410,727,773,365,286 SHIB. This leaves a total of 583,403,333,110,986 SHIB in circulation, which the protocol hopes to reduce over time.
The ultimate goal here is to raise the inherent valuation of the asset to the long-term target of 1 cent.
Ambitious SHIB pursuit
Just like any project, the underlying goal of the Shiba Inu protocol is different from that of its community members. While some HODLers are only interested in price action, the core token developers, including Shytoshi Kusama, want to build a futuristic Web3 hub with products that are widely adopted across the world.
The team has revealed some incoming projects and services that might go live on-chain. Besides Shibacal NFTs and Shiba Eternity, the Shiba Inu ecosystem is growing at a very fast pace with more products to be unveiled soon.