Shiba Inu (SHIB) Price Up 4% in 24 Hours, Further Growth Expected

- According to CoinGecko, many top cryptocurrencies have increased in price on October 9, with Shiba Inu (SHIB) being one of the best performers, up 4% in the past 24 hours, currently trading at around $0.00001786.

- SHIB's value has increased by nearly 40% in the past 30 days thanks to a small price increase in late September. This recovery is in line with a sharp decline in SHIB reserves on exchanges, indicating a shift from centralized platforms to self-storage methods.

- SHIB's token burning mechanism is also a key factor, with the burn rate increasing by more than 400% in the past 24 hours, reducing supply and potentially increasing the value of SHIB in the future.

- However, trading activity on Shibarium – Shiba Inu’s layer-2 blockchain solution – has declined, with daily transactions below 10,000 since early October, compared to millions of transactions at the start of 2024.