SHIB surged over 80% in the past week.
Whale transactions surged 565% on Shiba Inu’s network in one week.
SHIB burn mechanism is contributing to the memecoin’s rally.
Shiba Inu (SHIB) has delivered an 80% price increase in the past week, fueling speculation about its potential in the current bull market. Analysts have highlighted key factors driving the rally, including a significant rise in whale transactions.
According to one analyst’s post on X, SHIB whale transactions spiked by 565% last week, injecting volatility into the memecoin’s price. Additionally, the Shiba Inu ecosystem burned 463 million SHIB tokens within 24 hours, reflecting a 1,837% increase in burn activity.
The analyst believes these actions combine to drive Shiba Inu’s scarcity while boosting the crypto token’s price. Analysts project further price increases due to the consistent implementation of deflationary mechanisms like the SHIB burn program and the active participation of SHIB whales.
In the meantime, efforts by the Shiba Inu team to grow the ecosystem are playing a notable role in the memecoin project’s growth. One such effort is a proposal by Shiba Inu’s lead de…
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