Shiba Inu (SHIB) recently shed a zero from its price, a gain achieved in August of this year. The token has experienced a 9.1% surge in the weekly charts and a notable 17.9% increase over the previous week. Despite facing challenges earlier in the year, SHIB appears to be gaining momentum.
This recent price upswing is attributed to three substantial burns conducted by the SHIB team, involving the transfer of approximately $1.2 million worth of tokens to the dead wallet over three days. These tokens originated from fees collected on the Shibarium network.
The surge in price has also prompted significant token movements among whales, with data from IntoTheBlock indicating a 375% increase in inflow to large holders’ wallets. Conversely, outflows from large wallets have decreased by 60.4% to 835.9 billion SHIB tokens. The shift of tokens away from exchanges and into wallets is considered a bullish indicator, alleviating sell pressure in the market.
Will Shiba Inu (SHIB) Continue Surging?
SHIB has undergone a 1.8% correction in the daily charts, and the token is down by 0.6% over the last 14 days. Despite the significant $1.2 million burn, burns have decreased by nearly 61%, as indicated by SHIB’s burn tracker.
Changelly suggests that Shiba Inu (SHIB) might experience an increase of a zero after its decimal point by late December. In 2023, SHIB’s price has struggled to gain momentum, even with the launch of a substantial layer-2 network. Additionally, the token’s adoption has not seen the desired increase among investors and enthusiasts.
Nevertheless, SHIB remains among the most popular cryptocurrency projects and is poised to potentially experience a price surge in the anticipated next bull run, as forecasted by many analysts for 2024.
