Despite market growth in the past 24 hours, SHIB has only seen a 4% daily increase and has not yet started a strong upward trend. However, key factors suggest that this meme coin may soon experience a price surge. In the recent 24 hours, the token burn rate of SHIB has increased by 8000%, with over a billion SHIB transferred to an inaccessible address. The mechanism, active since three years ago, aims to increase SHIB’s price over time by reducing circulating supply. CryptoQuant data shows that SHIB outflows from exchanges have exceeded inflows in the past week, indicating increased investor interest in holding in personal wallets, reducing selling pressure on SHIB. ShibaSwap, a layer 2 solution to improve scalability and reduce transaction costs for SHIB, has recently seen an increase in daily transaction volume, which could be a bullish factor for SHIB’s price. If factors such as increased token burn rate, reduced selling pressure, and ShibaSwap advancements continue, SHIB may soon begin its upward trend.
