Shiba Inu is in the spotlight, joining the broader market rally amid a divergent burn rate outlook. As of press time, data from Shibburn shows the burn rate is down by 98.79%, with less than 857,632 SHIB torched in 24 hours. The broader outlook for SHIB is not all negative, as the price has charted a positive growth course today.
Shiba Inu price outlook
As of press time, the price of Shiba Inu is pegged at $0.00001193, which has been up by 5.5% in the past 24 hours. Ranked the 16th largest digital currency, SHIB’s price outlook has repositioned it for a sustained breakout in the coming weeks.
Related
The price outlook has largely negated the negative offset from the burn rate. Other Shiba Inu performance metrics, including the trading volume, have also increased. As of press time, the volume has rallied by 10.30% to $147,581,174.
Throughout this month, Shiba Inu has maintained a largely positive burn rate as the SHIB community’s push to drive a price uptick grows. This SHIB burn and price trend also signals a new shift in the token’s attempt to regain some of its lost rankings.
SHIB utility growing
Renewed interest in the top meme coin stems from the enhanced utility of the digital currency. As reported earlier by U.Today, the SHIB team recently introduced the Karma points system, a move that aims to protect community members from exploitation.
Related
Shiba Inu is now positioned for new growth, as key products like the SHI stablecoin are still in view. Pending the launch of this product, the focus on the utility of Shibarium has continued to take the stage among users and developers.
Should the protocol maintain its growth trend, SHIB might see more adoption, which can help it surpass Toncoin in the market rankings.
Source: https://u.today/shib-burns-crash-hard-despite-market-recovery