Despite the prevailing bearish sentiment in the cryptocurrency market, Shiba Inu (SHIB) has experienced a notable positive shift. According to recent data from Shibburn, the burn rate of SHIB has surged by 529.72% in the past 24 hours, with approximately 37.53 million SHIB tokens being burned during this period. This development is encouraging for the Shiba Inu community, as it contributes to the increasing number of tokens being sent to dead wallets. To date, around 410.7 trillion tokens have been burned from the initial circulation supply of the coin, with the current supply standing at 583.3 trillion tokens.

The ongoing burning of Shiba Inu coins is considered a bullish move for several reasons. The decreasing circulation supply of a coin makes it deflationary, which can positively impact its price. Bitcoin, with its limited supply of 21 million coins, is a prime example of a deflationary coin, and its price has benefited accordingly. While Shiba Inu has a much higher supply, the constant burning of tokens could also positively impact its price, potentially making SHIB one of the deflationary cryptocurrencies in the market.

However, the current price of SHIB is still struggling, in line with the broader market. According to CoinMarketCap, Shiba Inu is currently trading at $0.00001776, down 4.83% in the last 24 hours. The market cap of the meme coin has also decreased by 4.82%, currently standing at $10.47 billion. Despite this, the recent surge in the burn rate is expected to have a positive long-term impact on the price of SHIB.

The process of sending 37.53 million tokens to dead wallets is part of a significant effort that needs to be continuous to provide a major boost to this popular meme coin. The Shiba Inu community is likely to be encouraged by this development, as it suggests a commitment to reducing the circulation supply and potentially increasing the value of the remaining tokens.

As the market continues to fluctuate, the impact of the increasing burn rate on the price of SHIB will be closely watched. If the current trend continues, SHIB could potentially become one of the deflationary cryptocurrencies in the market, which could have a positive impact on its price in the long term.