The Shiba Inu (SHIB) price has seen a recovery, gaining over 6.5% in the last 24 hours, despite a 2.7% drop over the past week. This recovery aligns with the broader cryptocurrency market's uptick, reflecting a positive market sentiment.

Two important metrics related to SHIB have also risen. The burn rate, which refers to the percentage of total supply permanently destroyed with each transaction, has surged by almost 800% in the past 24 hours, resulting in approximately 18 million tokens being burned. While the USD equivalent of the burned SHIB tokens is insignificant, continuous efforts in this direction are expected to positively impact the market.

Additionally, whale activity, or large transaction volume, has increased by about 180% in the past 24 hours. Although the overall outlook for SHIB remains mostly bearish, this increased activity could signal a potential comeback if the bullish momentum continues.

Stay tuned for more updates on the Shiba Inu ecosystem.