Shiba Inu is seeing a notable increase in network activity as the broader crypto market recovery has renewed interest and participation across major digital assets.

Momentum has continued after $SHIB rose 22% over the last day, and the network has now recorded one of its largest burn totals in recent days.

$SHIB supply reduced by 41.8 million tokens

According to data from Shibburn, a total of 41.8 million $SHIB were sent to dead or irretrievable wallets over the past day.

Burn activity in recent days had been relatively quiet after a marked slowdown, but the latest total represents a 441% increase in the Shiba Inu burn rate over the last 24 hours.

The larger burn figure has attracted attention from market participants because it comes as demand for Shiba Inu has increased, reducing supply while the token’s recent trading strength has kept the burn data in focus.

Shiba Inu price outlook

The recent price rally has added fresh optimism to the $SHIB ecosystem, and the network has continued to strengthen alongside the move.

After last week’s sharp price advance, Shiba Inu has remained in a bullish position and has traded steadily above the key $0.000005 level following several weeks of high volatility.

With the sharp increase in burn activity occurring alongside the price rally, the Shiba Inu ecosystem is regaining momentum as traders continue to watch whether the recent move can hold and whether network activity stays elevated in the days ahead.