The Latest Breaking News from Shiba Inu

The Shiba Inu-themed memecoin has almost tripled in the last week.

Trading at $0.00001323, Shiba Inu (SHIB) has confirmed multiple bullish signals with a recent falling wedge breakout, hinting at further gains.

Bitget Research's chief analyst Ryan Lee explained that while Shibarium missed several key moments in the broader crypto market that could have impacted the price of Shiba Inu, it can still deliver on its promise if it can "attract users and developers."

Transactions between $0.00 and $1.00 increased by 25.71% in the last 30 days, while transactions above $1 million saw a 150% spike in the same period.

Shiba burns have been a hotly debated topic among the Shib Army as many believe that it could help push the value of the SHIB upward.

The Shiba Ecosystem showcased its prowess in decentralized finance and the broader cryptocurrency industry this year by introducing a myriad of initiatives that Kusama described as major steps toward transforming the community into a truly decentralized one.

Unfortunately, the pseudonymous lead developer suppressed details of this announcement, and only teased "next week we have a VERY big announcement."

A Shiba Inu developer announced earlier this month that Shibarium, the layer-2 scalability solution of the Shiba Ecosystem, will implement a new Shib burning system, which is set to take effect in January.

The Shiba Inu development team, especially its pseudonymous lead developer Shytoshi Kusama, had been the target of massive "coordinated" FUD (fear, uncertainty, doubt) over the past months as some expected the burn rate would immediately increase following the launch of Shibarium in August.