Shiba Inu (SHIB) Shows 540% Burn Increase as Breakout Becomes Possibility

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.

Timeline of Shiba-inu

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.

Shiba Inu's most recent performance on the market raised some concerns among holders of the prominent meme token as the possibility of a large-scale reversal has been rising almost every day. However, the most recent moves on the market suggest that the battle is not over.

The proposed launch of the much-awaited layer-2 blockchain Shibarium and the ongoing bull run in the general market has led to a growth in Shiba Inu's [SHIB] price and has resulted in an improved sentiment since the year began, a new report from Santiment showed.

“Wen Shibarium” has been a frequently asked question in the Shiba Inu community. Shiba Inu may have gained ground in the run-up to the introduction of Shibarium thanks to a post made by Atomic Wallet on 27 January.

Key Points: A wealthy cryptocurrency trader has moved 3,312,307,240,798 Shiba Inu (SHIB) ahead of the blockchain project's expected big upgrade. A crypto whale unexpectedly transferred an astonishing 3,312,307,240,798 SHIB, worth at $38,257,148 at the time of writing, from one unknown wallet to another, according to new data from the whale-surveying platform WhaleAlert.

Justin Bons, Cyber Capital CTO and founder, stated in a recent tweet that out of the top 50 cryptocurrencies in terms of market capitalization, only 32 are technically decentralized. Read more on U.Today https://u.today/shiba-inu-shib-decentralization-facts-revealed-by-cyber-capital-founder-details

As of writing, Shiba Inu has been up 41% in the monthly time frame. This rally is being boosted by the renewed investor sentiment in cryptocurrencies which led to major cryptocurrencies like Bitcoin and Ethereum regain ground lost when FTX collapsed.

Shiba Inu price is up a colossal 50% from December lows of $0.00000774, although the meme token's recovery reached January highs of $0.00001292 last week. Investors appear to be shifting their attention to the second-largest meme coin, which has in 24 hours witnessed a spike in trading volume to $300 million.

The second largest meme-inspired cryptocurrency, Shiba Inu (SHIB), has seen a surge in positive market sentiment in recent weeks. With a 41% increase in the past 30 days, the top Ethereum-based meme coin is currently trading at around $0.00001153 on Friday.