As the week draws to a close, the majority of cryptocurrencies are looking for strategies to recover from their significant losses during the preceding seven days. One of these ambitious cryptocurrencies is Shiba Inu (SHIB), whose price has increased by a negligible 2.73% to reach $0.000009984 as of this writing. Shiba Inu growth metrics seem to be on the upswing, and there is a good chance that the meme currency will close the week with significant gains.
Additional Shiba Inu indicators relating to the SHIB token’s burn rate are also favourable. A total of 63,567,363 SHIB tokens have been delivered to dead wallets, marking a 1.27% increase overnight, according to statistics from Shibburn.com. Thirteen.57 million SHIB tokens were burned in the single greatest burn transaction.
As the community increasingly anticipates the beginning of a new age that will be ushered in by Shibarium, the confluence of these favourable triggers seems to be a huge booster for the second largest meme coin, whose development has been somewhat irregular. The core Shiba Inu team, under the direction of Shytoshi Kusama, created the Shibarium Layer 2 network as a scaling solution for Ethereum.
At the Blockchain Futurist Conference in just over a week, the smart contract network will be introduced.
More growth triggers for SHIB
Shiba Inu could also be using the bullish attitude from the larger meme currency ecosystem, which looks to be quite strong today, in an effort to conclude the week on a positive note. Other tokens like Dogecoin (DOGE) and PEPE coin (PEPE) have also been on a favourable growth trajectory all week while the tokens in the SHIB ecosystem are squirming away from their losses.
Investors may begin to factor in the Shibarium launch event in the upcoming days, which might spark a sharp increase in the price of SHIB to new highs.
