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Shiba Inu (SHIB) is in the spotlight in the meme coin world today as its most important metrics are in the positive zone. In particular, the SHIB burn rate has skyrocketed by 3,674% in 24 hours, sending 53,312,864 SHIB to dead wallets. This symbolic move underscores the boost within the Shiba Inu ecosystem in general.

Shiba Inu burn and surge

Shiba Inu has seen its total incinerated tokens jump to 410,737,117,236,496 SHIB. As of writing time, the circulating supply now stands at 583,614,657,016,182 SHIB, underscoring how much more the tokens need to be disposed of to meet the project’s long-term goals.

Pending when more SHIB will burn, the impact of the current burn event has triggered a new run in the token's price. As of writing time, the token has soared by 5.01% to $0.00001871, its highest monthly price level. Sentiment is very high for now, with the token’s trading volume jumping by 198% to $1.12 billion. 

Earlier this week, the trading volume was less than $300 million, further proving the hype in the community. Thus far, Shiba Inu has climbed in the rankings after displacing Avalanche (AVAX).

Riding Bitcoin wave

The altcoin momentum reflects the ongoing Bitcoin price rally. Earlier, U.Today reported that Bitcoin scored a new all-time high (ATH) as its price soared beyond the $75,361 mark.

Based on the correlation, altcoins like Shiba Inu have joined the rally. Now that Bitcoin is in price discovery mode, it can push SHIB to breach its multi-week resistance level at $0.00002. 

Overall, the crypto market is lit up, and SHIB is at the forefront. With new proposals from Shytoshi Kusama to establish a S.H.I.B or Silicon Valley for crypto in the U.S., many expect the meme coin to spearhead more innovation.