Shiba Inu is witnessing a notable spike in its network activity as the recent broad crypto market resurgence has sparked a fresh wave of interest and market participation across all major crypto assets.
While momentum has remained following a massive 22% surge in the price of $SHIB over the last day, the network has just recorded one of its largest burn activities in recent days.
$SHIB supply shrinks by 41.8 million $SHIB
Following the surge in the Shiba Inu network activity, data from Shibburn shows that a total of 41.8 million $SHIB has been moved to dead or irretrievable wallets in the last day.
While the Shiba Inu burn activity over recent days has been barely noticeable following a notable slowdown in the activity, the tens of millions of $SHIB that were burnt mark a massive increase of 441% in the Shiba Inu burn rate over the last 24 hours.
The large Shiba Inu burn activity has drawn attention among market participants as it is coming at a time when Shiba Inu is witnessing a rapid surge in demand, further boosting its scarcity while potentially driving its price upward.
Shiba Inu price outlook
It is not surprising that the Shiba Inu network has continued to strengthen as the recent price rally has ignited a fresh wave of optimism in the $SHIB ecosystem.
After its parabolic price move last week, Shiba Inu has retained its bullish position, trading steadily above the crucial $0.000005 mark after multiple weeks of extreme volatility.
With the rapid surge in the $SHIB burn activity coinciding with its price rally, the Shiba Inu ecosystem is regaining momentum amid rising optimism that the asset could soon remove a zero.
