Popular meme coin Shiba Inu (SHIB) recently deleted a zero from its price. The price of the token increased by 9.1% on weekly charts and 17.9% compared to the previous week. SHIB has struggled for much of this year. But the project seems to be gaining momentum lately.
It is possible that the recent price increase is due to three major burns performed by the SHIB team. In this context, approximately $1.2 million worth of tokens went to the unusable wallet in three days. Tokens were obtained from fees collected on the Shibarium network.
The price increase also led whales to move the tokens into their wallets. According to data from IntoTheBlock, inflow from large owners increased by 375%.
On the other hand, outflow from major wallets decreased by 60.4% to 835.9 billion SHIB tokens.
The movement of tokens away from exchanges and into wallets is a bullish sign as it reduces the selling pressure in the market.
Will the Shiba Inu (SHIB) Continue Its Rise?
SHIB faced a 1.8% correction on the daily charts. Additionally, the token has decreased by 0.6% in the last 14 days. However, since the $1.2 million burn, burns have decreased. According to SHIB’s burn tracker, burns have decreased by almost 61%.
According to Changelly, meme coinIt is possible for to gain a zero after the decimal point at the end of December. SHIB’s price has struggled to gain momentum in 2023 despite a significant layer-2 network launch. Moreover, the adoption of the token has not increased as much as investors and fans would like.
Koinfinans.com As we reported, SHIB is still the most popular crypto- is one of the projects. It may see a price increase during the next bull run, which many analysts predict will occur in 2024.