 The cryptocurrency Shiba Inu, Shiby, has recorded a significant double-digit gain. According to the latest market data, Shiby's price has risen by 15.76%. This brings its market capitalization to a robust $6.53 billion. This spike in value marks a notable achievement for the meme coin, which now stands out in a mostly red market. After trading in a consolidated range for over a week, the meme coins have appeared to gain back momentum as top tokens have displayed significant jumps in their respective values. The Shiba Inu price traded in a closed range between $0.00008 and $0.000086 for a while, following which the price experienced a minor pullback, but the bulls held the price strong, resulting in a bounce back. The meme coin continued trading in the closed range for almost two weeks, after which it gained momentum and successfully broke out of the range. The price added over 24% to its portfolio before facing rejection at $0.0000174. After this, the price traded in a consolidated range between $0.0000926 and $0.0000174 for a brief period. Recently, the bulls gained momentum and broke out of the resistance level at $0.0000174, but the rally was short-lived as the price faced rejection at $0.00001197, following which the bulls lost momentum. The moving average convergence divergence, MACD, displays a significant rise in the histogram, indicating an increased buying pressure for Shiba Inu in the market. Further, the averages show a sharp rise, suggesting the price will continue gaining value in the coming days. The announcement by the Shiba Inu, Shiby community to burn billions of tokens in the near future clearly had a good effect on the meme coin's price today. Kusama's emphasis on this action marks a substantial transition for SHIB from its meme-centric beginnings to a global standard in the cryptocurrency and blockchain space. As per Shiburn Twitter, although many SHIB burns are happening, it still remains far from making a real impact on Shiba Inu's price. At the time of publication, Shiba Inu was trading at $0.000022, down 2.11% in the last 24 hours as per coin market cap. Due to its underwhelming price performance in recent months, Shiby remains down 75% from all-time highs of $0.000088 reached in October 2021. In a thread of tweets, Shiburn states several factors that might boost the SHIB price, even to the much coveted one cent. Though this might seem like a distant dream given the current market conditions, the Shiby burning business believes that doing more for the SHIB community, such as hodling and staking, might aid the Shiba Inu price aside from burning. In the past 24 hours, there have been a total of 10,774,126 SHIB tokens burned in eight different transactions. Several transactions involving millions of SHIB being burned were reported subsequently, leading to more than 700 million SHIB being burned over 24 hours. According to the Shiburn website, the Shiba Inu burn rate is up a whopping 5,926.8% over the last 24 hours at 739,234,434 SHIB tokens burned in the last 24 hours. Sharing the details of the progress that has been made in burning tokens, Shiburn reports that 61.8 billion SHIB have been burnt without including Vitalik's burn. More than 25.5 billion Shiby tokens were burnt due to Shiba Swap listings and Shiboshi's renaming fee. The first Shiba Inu transaction that was sent to the dead wallet in 2020 was for 26.9 billion tokens. So far, an overall value of 410,304,552,937,451 SHIB has been burned from the initial supply of one quadrillion. Shiburn also reported a massive token burn in August and September 2021, stating, over 7.2 billion tokens burned in August and over 6.9 billion SHIB tokens burnt in September 2021. It was made clear that the Shiboshi and Shiba Swap listing fees were limited burn mechanisms. Along with the massive SHIB burn, massive accumulation is also being undertaken by whales. According to a recent tweet published by Whale Stats, a mysterious ETH whale has purchased 49,651,432,412 SHIB tokens valued at $1,094,317. This is as Shibarium saw an explosive rise in its transactions, Shibarium transactions have grown in more than three months to surpass 125 million now presently at 125,999,571. The Shiba Inu Layer 2 has seen an average of 7.5 million daily transactions since December 2nd. The daily transactions for the last 24 hours amount to 7.53 million. In a market that has seen its fair share of volatility, SHIB is currently the only major cryptocurrency maintaining positive momentum over the past 24 hours. This rise sets it apart from its peers, which are currently in the red. Additionally, Eshibi's position in the market has been solidified as it holds the 17th rank by market capitalization, with its closest competitors, WBTC and LTC trailing behind in terms of weekly performance. The Shiba Inu community's journey has been nothing short of remarkable. Through their unwavering support, they've been instrumental in the success of the Shiba Inu token, turning it into a household name in the crypto space. Their collective power has been harnessed to build a vibrant and engaged community, fostering a sense of camaraderie among its members. If the bulls hold the price above the support level of $0.0001076, the SHIB price will regain momentum and prepare to test its resistance level of $0.0001197. Maintaining the price at that level will set the stage for the Shiba Inu price to attempt to test its upper resistance level of $0.00013 in the coming week. Conversely, if the price fails to hold above the support level, it will lose momentum and fall to test its lower support level of $0.000101. Moreover, if the bears continue to dominate the market, it will plunge further and prepare to test its crucial support level of $0.0000926. In a comprehensive analysis, Martina suggested that SHIB might experience a significant breakout if it manages to uphold the crucial support level at $0.0000103. The analyst's forecast, made when SHIB was valued at $0.000011, has already seen some validation as the token surged to nearly $0.000012 before a modest correction of over 10%. With momentum building and Martinez's predictions gaining traction, the community is eagerly speculating on whether SHIB can reach the projected target of $0.000014 before the close of 2024. Shiba Inu enthusiasts are on the edge of their seats as their favorite token continues to defy common expectations.