Shiba Inu has continued to see rising network participation since the broader crypto market began to flip positive amid the bullish shift in sentiment.
While Shiba Inu remains one of the top performing meme assets, it has seen renewed investor interest amid its growing network usage.
Millions of SHIB get permanently destroyed
Following the consistent surge in the Shiba Inu network activity, it has recorded another massive SHIB burn over the last 24 hours, causing a notable spike in the metric.
Per data provided by the blockchain tracking platform, Shibburn, the amount of Shiba Inu tokens destroyed over the last day has surged by 405%.
The rapid surge comes as 2,526,900 SHIB were sent to null and irreversible wallets, permanently removing the tokens from SHIB's circulating supply.
This move is a deliberate attempt from the Shiba Inu ecosystem to consistently shrink the available supply of SHIB in circulation, as a way to drive the asset's value upward while tightening its supply against demand.
Shiba Inu extends positive monthly streak to April
After Shiba Inu finally broke the prolonged monthly losing streak it recorded in the previous months following the sustained market downturn seen since the massive October 10 crash, Shiba Inu appears to be maintaining its stability.
While Shiba Inu has seen more upside trajectory this month, it appears that it is extending the positive monthly returns to April, basically starting off a new streak of monthly gains.
As of April 24, the leading meme token has achieved a gain of 3.82% so far in April. While it is currently trading on the bullish side of the market, it appears that Shiba Inu is on track to close this month on a positive note.
Dan Burgin
U.Today Editorial Team
