Shiba Inu (SHIB) has recently deleted a zero from its price, which it gained in August of this year. The token’s price has surged 9.1% in the weekly charts and 17.9% over the previous week. SHIB had struggled for most of this year, but the project seems to be gaining momentum lately.
The latest price surge could be due to three massive burns undertaken by the SHIB team. About $1.2 million worth of tokens went to the dead wallet over three days. The tokens were from fees collected on the Shibarium network.
The price surge has also led to whales moving tokens into their wallets. According to the data from IntoTheBlock, large holders’ inflow has surged by 375%.
On the other hand, the outflow from large wallets decreased by 60.4% to 835.9 billion SHIB tokens.
The movement of tokens away from exchanges and into wallets is a bullish sign as it reduces sell pressure in the market.
Will Shiba Inu (SHIB) continue its rally?
SHIB has faced a 1.8% correction in the daily charts. Moreover, the token is down 0.6% in the last 14 days. However, burns have subsided since the $1.2 million burn. According to SHIB’s burn tracker, burns have dropped by almost 61%.
According to Changelly, Shiba Inu (SHIB) may gain a zero after its decimal point in late December. SHIB’s price has struggled to gain momentum in 2023 despite a significant layer-2 network launch. Moreover, the token’s adoption has not increased as much as investors and fans would like.
However, SHIB is still one of the most popular crypto projects and may see a price surge during the next bull run, which many analysts predict will occur in 2024.