**TL;DR**
– SHIB’s price has increased by only 1% daily, but several key factors suggest a resurgence may be on the horizon.
– The burn rate has surged by over 8,000%, and the weekly exchange netflow indicates reduced immediate selling pressure.
**New Bull Run Incoming?**
The cryptocurrency market has seen significant activity in the past 24 hours, with Bitcoin (BTC) rising above $87,000 and Ethereum (ETH) nearing $2,100. However, some major cryptocurrencies have not mirrored this upward trend. One such example is Shiba Inu (SHIB), which has only seen a modest 1% daily increase and remains in the red on a weekly basis, trading at about $0.00001312.
Several factors indicate SHIB could soon catch up with top performers. Notably, the meme coin’s burn rate has skyrocketed by over 8,000% in the last 24 hours, with more than one billion tokens being sent to a null address. This mechanism aims to decrease Shiba Inu’s circulating supply, potentially increasing its value over time. Since its introduction around three years ago, over 410.7 trillion SHIB have been burned, leaving 584.3 trillion in circulation.
Another bullish indicator is Shiba Inu’s exchange netflow, where, according to CryptoQuant, outflows have exceeded inflows over the past week. This trend suggests a shift from centralized exchanges to self-custody, reducing immediate selling pressure.
SHIB’s potential rally could be further boosted by the advancement of Shibarium, a layer-2 blockchain solution processing multi-million daily transactions and achieving significant milestones. The protocol aims to enhance the Shiba Inu ecosystem by lowering transaction costs, improving speed, and increasing scalability. Some industry experts believe Shibarium’s progress could lead to a notable rally for SHIB. Popular analyst Davinci Jeremie recently commented on Shiba Inu:
> “I like Shiba Inu, as you know, and I think it will do relatively well in this cycle, but it may not go as high as you expect. I think Shiba Inu has a lot of utility now that they have Shibarium, and basically, it’s a chain that you can actually run all kinds of applications. However, nobody is using it, and there are no applications for using your tokens on Shibarium yet. If they get that solved, Shiba Inu will go to the moon.”
**Bonus: Potential Partnerships**
Strategic collaborations between Shiba Inu and well-known entities could also apply upward pressure on the coin’s price. The crypto community recently noted the absence of Shytoshi Kusama (SHIB’s former lead developer) from X, but LUCIE (Shibarium’s marketing strategist) clarified that Kusama is now an ambassador for the project, fulfilling previously announced plans.
Several X users appreciated the explanation, anticipating “groundbreaking partnerships” once Kusama breaks their silence. Importantly, Shiba Inu already established a significant partnership in February with the Ministry of Energy and Infrastructure of the United Arab Emirates, which was followed by substantial gains in SHIB’s price.
**Twitter:**
Could SHIB be gearing up for a big run? With a massive burn rate increase and promising partnerships, Shiba Inu might soon take off! 🚀 #SHIB #Crypto #Shibarium
