ShibaInu price jumps as SHIB army pursues new reality
This price growth is notably the first bullish uptick for the second largest meme coin, which is still down about 10.44% over the week based on data from CoinMarketCap. The seeds for growth have been sown in a consistent manner through regular SHIB token burns. As steadfastlyby U.Today, Shiba Inu has burnt more than six billion tokens over the past few days as the protocol's burn rate remains consistently high.
This burning event indicates something significant, and it is embodied in the reduction in the overall circulating supply of the meme coin. This network's imbibed scarcity, when mixed with typical growth in demand, is bound to produce a positive uptick in price, accounting for the latest growth in the price of SHIB.
The slower-than-normal bullish jump indicates relative stability and, moving forward, we can expect a steadier but slow price growth for the meme coin. The hype around new competingFor now, SHIB is aiming at keeping the $0.0000085 price level as its support.
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