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As the week slowly comes to an end, many altcoins are trying to recover from the losses they have suffered in the past seven days. One of these ambitious altcoins is Shiba Inu (SHIB), which has managed to push its price above the $0.00001000 level with a small increase of 2.93% in the last 24 hours, reaching $0.00001004. While the growth metrics for Shiba Inu seem to be in an upward trend, it appears that this memecoin, which has gained over 16% in the past 7 days, has the potential to end the week with an even greater percentage of gains.
Token Burn Rate for SHIB is Increasing Again
Recent metrics have shown that the token burn rate for SHIB has been limited. However, it is now on the rise again. According to Shibburn.com, the leading memecoin’s token burn rate has increased by 1.27% overnight, sending a total of 63.56 million SHIB to dead wallets, where they will not be used again. The largest token burn occurred in a single transaction, with 13.57 million SHIB being burned and removed from circulation.
The main reason for this positive catalyst entering an upward trend is the preparation of the memecoin community for the new era that will begin through Shibarium. Shibarium is a Layer 2 network, a scaling solution built on the Ethereum Blockchain by the core Shiba Inu development team led by Shytoshi Kusama.
The launch of the innovative Layer 2 network Shibarium is expected to take place at the Blockchain Futurist Conference in approximately one week.
Positive Market Sentiment in the Memecoin Market also Supports Shiba Inu
The positive investor sentiment surrounding the memecoin market, which has recently given extremely strong signals, is contributing to Shiba Inu’s desire to end the week on a positive note. As tokens in the SHIB ecosystem strive to recover their losses, other leading memecoins such as Dogecoin (DOGE) and PEPE have also seen a positive trend since the beginning of the week.
Market experts believe that in the coming days, investors could turn to SHIB to price in the Shibarium launch event. This implies that there could be rapid increases in SHIB’s price towards new highs.
