Shiba Inu Soars 27% as Token Burns Hit One-Year High

Shiba Inu's price surged 27% in the previous week as token burns hit a one-year high, according to analytics firm Santiment.

The surge came alongside a broader crypto market recovery, with Bitcoin holding key technical levels and providing a tailwind for the broader space, according to LuckSide Crypto's YouTube analysis.

Volume over the past 24 hours hit $358 million, outpacing all similarly sized assets. The official SHIB X account posted a bull herd image captioned 'Looks like the bulls found their leader.'

Crypto commentator David Gokhshtein said the two-day move made him more bullish on OG crypto culture returning, with SHIB responding: 'OG culture never left. Neither did SHIB.'

Santiment flagged that whale transactions reached 52 in one day, the most since March 31, and social dominance hit 0.084%, the highest since April 2.