đ„đ„đ„3 Bullish Signs for the Shiba Inu ( $SHIB ) Price to Watch
đ Good News for SHIB Bulls?
The second-largest meme coin, Shiba Inu (SHIB), saw a 30% price increase over the past month. While slightly in the red today (October 21), several factors indicate the rally could continue. One key factor is the resurgence of Shibarium, Shiba Inu's layer-2 scaling solution, which recorded 324,000 and 242,000 daily transactions recentlyâlevels last seen in April. This signals growing user engagement and adoption, potentially driving more capital toward the ecosystem.
đ„ Shiba Inuâs Burn Mechanism
The SHIB burn rate has skyrocketed by nearly 400% in the past 24 hours, resulting in 6.3 million tokens destroyed. The goal of the burn program is to reduce the circulating supply of SHIB, making it scarcer and potentially more valuable if demand remains constant or increases. Currently, there are over 583 trillion tokens in circulation, with 410.7 trillion already burned.
đ Meme Coin Sector Gains
Meme coins have been surging lately, with Dogecoin (DOGE) up almost 30% weekly, and Bonk Inu (BONK) and Floki Inu (FLOKI) seeing gains too. Meanwhile, Cat in a Dogs World (MEW) hit a new all-time high after being listed on South Korea's Upbit exchange.
â ïž Not All Roses
Despite the bullish signs, SHIBâs exchange netflow has been predominantly positive, indicating increased selling pressure as investors move assets from self-custody to centralized platforms.
