Shiba Inu (SHIB) Price Jumps 4% as Exchange Reserves Decline and Burn Rate Surges

Shiba Inu (SHIB) price is up 4% in the last 24 hours, reaching $0.00001786, while exchange reserves continue to decline, signaling a move toward self-custody. The token’s burn rate surged by over 400%, and large transactions have increased, further boosting market confidence.

Shiba Inu (SHIB), one of the leading meme cryptocurrencies, has once again flashed green. The token is up by 4% in the past 24 hours, trading at approximately $0.00001786, according to CoinGecko. The recent uptick aligns with a broader trend in the crypto market, with many other leading assets also showing mild gains.

Over the last 30 days, SHIB’s value has surged nearly 40%, driven by a mini bull run that began at the end of September. One of the primary factors contributing to the rally is the consistent decline in exchange reserves. Data from CryptoQuant reveals that SHIB reserves have been steadily decreasing, pointing to a shift away from centralized exchanges as more holders opt for self-custody. This trend reduces immediate selling pressure, often considered a bullish sign for the asset’s price outlook.

SHIB Burn Rate and Large Transactions Surge

The SHIB community’s burning mechanism has also played a role in the token’s performance. In the last 24 hours, SHIB’s burn rate has increased by over 400%, with nearly 3 million tokens sent to a null address. While the USD equivalent may seem insignificant, such consistent burns contribute to the scarcity of SHIB over time, potentially boosting its value as long as demand remains strong.

Moreover, IntoTheBlock’s analysis shows that large transactions—those greater than $100,000—have risen by 5.5% daily. This jump signals growing interest from larger market players, further reinforcing the bullish momentum.

Shibarium’s Progress: Challenges and Potential

Shiba Inu’s layer-2 blockchain solution, Shibarium, has also been touted as a potential factor driving SHIB’s price growth. Shibarium was designed to improve scalability, reduce transaction fees, and enhance speed across the Shiba Inu ecosystem.

Despite hitting several key milestones in the past months, Shibarium’s recent performance has been underwhelming. Daily transactions have dropped below 10,000 since early October, a significant dip from the millions recorded at the beginning of 2024. While the current transaction volume is lower than expected, Shibarium still holds promise as a key driver of SHIB’s future development.

For further updates on the Shibarium ecosystem, follow our Shibarium news section to stay informed about the latest developments.

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