#MyPortfolioInBull

SHIB’s rebound may be attributed to bullish catalysts, including a significant increase in token burns and heightened activity on the Shibarium network over the past months.
On Thursday, Shiburn data revealed a 2,200% spike in Shiba Inu token burns, with 14.58 million tokens removed from circulation. This brought the total burned tokens to over 410.7 trillion, reducing the circulating supply to 583.8 trillion.
Another driver for Shiba Inu’s price momentum is the surge in transactions on Shibarium, its layer-2 blockchain. Over the past few months, Shibarium has processed more than 541 million transactions. This network growth is bullish for SHIB, as transaction fees collected in BONE tokens are partially converted into SHIB and burned, further lowering supply.
SHIB whale accumulation has also seen an uptick lately. According to data from IntoTheBlock, large holder netflow surged by 256% on Thursday, as whales accumulated 393.48 billion SHIB tokens worth over $9.8 million, compared to the $6 million sell-off recorded the previous day.
Further, SHIB’s rally could also benefit from Bitcoin’s ongoing surge, which has already ignited bullish sentiment across the crypto market. The flagship crypto’s recent run past $99,000 has driven a 5.3% rise in the total market capitalization of altcoins.