Shiba Inu (SHIB) has struggled to get ahead of the bears over the past three weeks as the asset’s burn rate was decreasing. With the 1.7% rise in the global crypto market capitalization, SHIB, the second-largest meme coin, has also shown signs of recovery.
The dog-themed meme coin’s price fell to a five-month low of $0.0000086 on May 18, one day before the development team announced the first-ever Shiba Inu-themed hardware wallet.
Moreover, SHIB witnessed its first major burn transaction in eight days. According to data provided by SHIB BURN, over 1.24 billion tokens have been sent to dead wallets in the past 24 hours — of this tally, roughly 1.23 coins were burned in a single transaction.
As the burn rate rises, SHIB’s price surged, nonetheless. The asset is still down by more than 15% in the past 30 days but rose by roughly 3% in the past 24 hours. Shiba inu is trading at $0.0000088 at the time of writing.
Furthermore, the surge comes as the token’s 24-hour trading volume rose by 88.3%, reaching almost $160 million with a $5.2 billion market cap.
The global crypto market capitalization has also risen by 1.77% in the past 24 hours, reaching the $1.14 trillion mark, according to CoinMarketCap (CMC) data.