Shiba Inu (SHIB) Hits Multiweek High, Here Are Three Metrics to Watch

Despite the recent market consolidation, Shiba Inu (SHIB) is finding a new balance as a price revival is currently underway. The meme coin is up 8% in the past 24 hours to $0.000008078, the highest level since early September, amid a bullish resurgence in buying activity.

Timeline of Shiba-inu

Shiba Inu (SHIB) is on a parabolic run with respect to its burn rate metric as millions of SHIB got incinerated and sent to dead wallets. Per data from Shibburn, 121,210,538 SHIB tokens were burnt overnight, accounting for a massive 567% jump from previous levels.

As the curtain rises on another turbulent year for cryptocurrencies, all eyes are on Shiba Inu. The once soaring memecoin, inspired by its predecessor Dogecoin, now paints a somber picture.

Shiba Inu (SHIB) appears to be gaining bullish momentum according to recent price action and analysis. After months of decline, SHIB looks poised for a possible trend reversal and breakout based on technical factors identified by traders.

Shytoshi Kusama, the enigmatic figurehead of the Shiba Inu ecosystem, recently broke his silence to laud the developers working on Shibarium-based projects. His recognition, shared via the Shibarium Telegram group, marked a significant shift from his usual reticence.

According to the recent X post by Whale Alert blockchain sleuth, almost five hours ago, a massive amount of Shiba Inu meme coins exchanged hands between two anonymous digital wallets.

The Shiba Inu supply keeps getting smaller due to ongoing token burns by the SHIB community, and this time, they've increased the burn rate. At the same time, a large Shiba Inu transfer has taken place between two anonymous wallets.

The leader of the Shiba Inu development team known under the pseudonym Shytoshi Kusama has changed his Twitter status, adding a "folded hands" emoji, thus puzzling the entire SHIB community and leaving them guessing what Kusama could mean by this.

A look at the Shibburn data reveals that there are now more wallets participating in burning SHIB tokens compared to before. What's interesting is that smaller portions of tokens are being burned incrementally, indicating a shift toward greater decentralization in Shiba Inu's deflationary practices.

Shiba Inu (SHIB) is starting the week on a positive note as its deflationary metric, the burn rate, just soared to a new unprecedented level. Per data from Shibburn, the burn rate is up by more than 283%, with a total of 55,399,172 SHIB tokens sent to dead wallets overnight.

SHIB and BONE's prices gained upward momentum in the last 24 hours, allowing investors to enjoy profits. This comes after assertions that prices don't matter much in the Shiba Inu ecosystem.