Shiba Inu (SHIB) witnessed an impressive price surge in December, with the price increasing 17.7% in a single day and 30% over the course of a week. This marked the highest price levels for the token since April.
The remarkable price movement was accompanied by a significant spike in the burn rate, which exceeded 7,400%, leading to a reduction in circulating supply to 589.2 trillion tokens. This reduction in supply can potentially contribute to further price increases.
Additionally, the Shibarium Layer-2 blockchain recently processed over 541 million transactions, indicating a high level of network activity and usage.
Whale accumulation of SHIB tokens also saw a notable increase, with a growth of 256%. Approximately 393.48 billion SHIB tokens, valued at $9.8 million, were purchased by large investors, reflecting growing interest in the asset and confidence in potential price appreciation.
