SHIB Burn Rate Soars 502% as Shiba Inu Strives for Big Rise

According to recent data shared by the Shibburn tracking website, over the period of the last 24 hours, the Shiba Inu community has substantially advanced in removing SHIB meme tokens from the circulating supply.

Timeline of Shiba-inu

The price of Shiba Inu (SHIB) has been trending upward in recent days, gaining by as much as over 50% from the start of the year. Indeed, technical indicators hint at a possible price rally extension if the asset manages to hold key positions in the coming days.

He notes that Shiba Inu appears to be breaking out of a bullish pennant and predicts that if SHIB continues to trade above $0.011, it could run toward $0.017. This represents a nearly 54% increase from the current price.

Shiba Inu is one of the most ubiquitous memecoin in the market today. Coingecko data notes a continuous upward momentum, with the token gaining nearly 8.3% in the weekly time frame with gains also made in the short periods.

Popular crypto tracking service Whale Alert has detected 10 massive transfers of Shiba Inu (SHIB) conducted by the Binance exchange over the period of the past 24 hours. Etherscan shows there were more transfers than those spotted by Whale Alert — almost another trillion SHIB.

Memecoin Shiba Inu became the most traded asset by top 100 ETH holders in January.  Shiba Inu knocked out the PREP token to claim the position, and has now overthrown WETH this February.

SHIB's lead developer, Shytoshi Kusama is constantly dropping hints about the Shibarium launch. Cryptocurrency content creator and Shiba Inu Ecosystem loyalist, @LucieSHIB has shared a screenshot where Shytoshi has replied to the query related to Shibarium.

The crypto market has seen a relief rally, pushing Bitcoin's price close to $24,000 over the weekend. The trend of capital flow from large-cap tokens to smaller, meme coins has been noted, leading analysts to predict further gains in the altcoin market.

The burn rate of the prominent meme coin is on a solid rise after a calm weekend trading session. According to the Shibburn tracker, the asset saw a 405% rise in the amount of burned tokens in the last 24 hours — though the total amount of destroyed tokens is relatively low.

Shiba Inu lead developer Shytoshi Kusama recently sent a cryptic update on the upcoming launch of Shibarium, the highly-anticipated layer-2 network. In a recent Telegram message, Kusama urges users to "keep popcorn on the ready".

The Shiba Inu community is undoubtedly pleased with SHIB's performance in January. But now that the month is coming to its conclusion, a sense of uncertainty has returned to the market, especially in regard to its performance in February.