Shiba Inu$SHIB has come into the spotlight for several reasons. The first is the spike in token burning. The volume increased by more than 2% compared to last week's results. The process removes some coins from circulation. The reduction in supply against the backdrop of sustained demand is positive for the coin's rate.
Another reason for the rise in the cryptocurrency Shiba Bye could be the increase in activity on the project's network. The platform processes over 4 million transactions per day, and the number of mined blocks has exceeded 11.8 million.
The increase in transaction volume on the cryptocurrency's network may indicate interest in the project from whales.
Additionally, interest in the project may have been fueled by announcements from its team. For example, the developers shared updates about the metaverse, a partnership with DegenSafe, and the launch of the testnet for a cryptocurrency exchange, of which Shiba Inu is a partner.
