Shiba Inu recently experienced a strong correction. However, the meme coin appears to be regaining upward momentum in the broader crypto market today, indicating a price recovery for the SHIB token. As noted by SHIB, this upward momentum is accompanied by a slew of bullish factors that have piqued the interest of crypto market enthusiasts worldwide.

Here's a closer look at the key factors that may have contributed to SHIB's price increase, which has sparked speculation that the dog-based meme token is nearing the end of its correction, as per Coingape.

Bullish Factors Propel SHIB's Upward Momentum: Token Burns and Shibarium's Growth

Several bullish factors, including token burns, on-chain data, and Shibarium's increase in total transactions, appear to support SHIB's current upward trajectory. Here's a deeper look at these bullish factors.

Shiba Inu Burn Rate Soars 136%, Fueling Price Increase and Investor Interest

Intriguingly, the Shiba Inu burn rate increased 136% today, April 6, sparking significant investor excitement as the token's supply was again reduced. According to Shibburn's findings, 15.03 million SHIB were incinerated in the last 24 hours, coinciding with increased SHIB prices.

As of writing, the total number of tokens burned from Shiba Inu's initial supply was 410.72 trillion SHIB.

Shibarium's Transaction Surge Boosts Shiba Inu's Market Presence

In the meantime, another positive event highlighted by Shiba Inu's marketing lead, Lucie, coincides with SHIB's price increase. Lucie recently shared a post on X, highlighting the new heights reached by Shibarium's total transactions.

Notably, the total number of transactions on Shibarium today was 413.33 million, demonstrating Shiba Inu's L2's growing popularity in cryptocurrency.

The rising number of Shibarium transactions suggests that the asset and its ecosystem are becoming more popular among investors, coinciding with the token's upswing.

Shiba Inu Gains Momentum: Open Interest and Technical Indicators Signal Bullish Trend

In addition to the aforementioned bullish factors, according to Coinglass data, SHIB's open interest increased by 0.95%, indicating that investors are increasingly interested in the asset. Shiba Inu's outlook became bullish as money inflows into the derivatives market increased.

Meanwhile, technical indicators indicated a buying sentiment for the token, contributing to the SHIB's market optimism. Although the RSI moved to 49, indicating a neutral sentiment in the broader trend, the market experienced some buying pressure, as previously stated.

This could reinforce today's price increase, while increased buying pressure could push Shiba Inu even higher. This buying pressure and a supply hit from the above burn support SHIB's price increase.

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