Constant burning incidents may have aided the asset's price recovery of over 15% in the recent 24 hours.
Following the recent resurgence in the cryptocurrency and altcoin markets, more than 30 million Shiba inu tokens have been burned on the network, according to the Shibburn tracker.
Tokens have been moved to a wallet that serves as a "burn address"; any cash transferred to it will be lost and cannot be withdrawn later. The circulating supply of many cryptocurrencies is reduced in the same way.
In terms of SHIB's market performance, the token has successfully rebounded and gained nearly 20% of its value, but it has not yet replicated the success of altcoins like LUNA, which has been trading at a 30% premium since yesterday.
Shiba Inu has previously held regular burning events in order to maintain the token's value. According to reports, 410 trillion SHIB have been burnt, with additional tokens being sent to the dead-end address on a daily basis.
Shiba Inu has risen to the top of the most acquired assets among whales with a 207% increase in trade volume.
Shiba Inu whales held $1.3 billion in tokens at press time, putting SHIB in second place among the highest USD-valued holdings in Ethereum wallets.