YEREVAN (CoinChapter.com) — Shiba Inu’s (SHIB) burn rate has registered a notable spike in the past 24 hours, indicating price gains for Shiba Inu into 2024. The increase in the number of wallets and user activity over the past week suggests investors may soon see the SHIB price make steady gains.
At the time of writing, SHIB’s price hovers at $0.00000959, marking a nearly 10% increase over the past week.
Here are some major recent developments surrounding the canine-themed meme token that could drive major gains for Shiba Inu in 2024.
1. Massive Increase in SHIB Burn Rate
The SHIB token has seen an extraordinary increase of 1,800% in its burn rate. Over 41 million SHIB tokens were permanently removed from circulation in the past 24 hours, according to Shiba Inu burn rate tracker Shibburn.
The decrease comes as whales continue to send SHIB tokens to dead addresses in an attempt to decrease the supply-demand ratio.
This drastic reduction in circulating supply is a primary factor considered bullish by investors, as it creates scarcity, potentially driving up the token’s price.
2 On Chain activity spikes 340%
In a separate development, Shiba Inu’a’s on-chain activity soared 340% in 24 hours, as reported by IntoTheBlock.
Transactions jumped from 1.28 trillion to 4.35 trillion SHIB, with the USD value skyrocketing from $12.15 million to $41.37 million. The analysis highlighted that there were as many as 34 transactions over $100,000, showing a broad investor interest in the Dogecoin (DOGE) killer.
3 Shiba Inu whales on the rise
The number of Shiba Inu whales is also on the rise. According to recent data, SHIB registered a surge of 2,595% in large holder inflows.
Over the weekend, SHIB inflows surged to 2.31 trillion from the 275.2 billion last week.
Current data shows that 77% of the current circulating supply is concentrated in the wallets of large holders. Incidentally, that percentage also coincides with the wallets that have held SHIB for longer than 12 months.
4 New accounts sure on Shibarium
Shiba Inu’s layer-2 network, Shibarium, also experienced a 621% increase in new accounts. Recently, the network saw its total accounts cross the 63,000 mark, according to Shibariumscan.
Moreover, the Shibarium network recently surpassed $1 million in Total Value Locked (TVL), indicating significant growth and adoption of the platform.
This expansion reflects positively on the Shiba Inu ecosystem, attracting more users and investments, which could further stimulate demand for SHIB.
The growth surrounding Shibarium, as well as the SHIB in general, sends bullish signals to the community. Fans of the token hope the price of Shiba Inu will show major gains during the upcoming bull run in 2024.
