Shibarium-related metrics have headed north lately, while SHIB’s burn rate exploded by triple digits on a 24-hour scale.

Good News for SHIB Bulls

The second-largest meme coin has performed quite well in the past month, registering a 30% price increase. One of those bullish signals is the resurgence of Shiba Inu’s layer-2 scaling solution – Shibarium. Daily transactions on the network have soared to 324,000 and 242,000 in the past two days. User engagement and new accounts have also skyrocketed within Shibarium, suggesting growing adoption. Another bullish factor is the burning mechanism of SHIB, with a burn rate skyrocketing by almost 400% within 24 hours, resulting in 6.3 million tokens being destroyed. As of now, there are more than 583 trillion tokens in circulation, with 410.7 trillion sent to a null address. Additionally, the meme coin sector showed significant gains, with Dogecoin rising by almost 30% weekly, along with notable performances by Bonk Inu and Floki Inu.

It's Not All Roses and Sunshine

Despite the overall bullish environment, the SHIB exchange netflow shows a possible pullback for Shiba Inu’s price. Positive netflows indicate that investors might be moving from self-custody methods towards centralized platforms, which increases the immediate selling pressure.

Overall, Shibarium metrics and SHIB's burn rates suggest potential growth, yet risks tied to exchange activity should be considered.