The cryptocurrency Shiba Inu (SHIB) recently surged to reclaim its place as the 14th largest in the market, thanks to a tremendous price rally and further developments in the meme coin. The Shiba Inu burn, a process of reducing the total supply of tokens in circulation, has been active for two years and continues to be a major factor in the price growth.

In the last 24 hours, 341.5 million tokens were burned across five transactions, according to Shibburn, a website dedicated to tracking the burned tokens. The majority of the burn was from two addresses, with one wallet burning 252,873,213 tokens and the other carrying 84,405,747 tokens.

This burn, along with the general market sentiment, has been able to give SHIB the boost it needs. The price saw over 10% increase in a single day and, on a weekly chart, is up more than 22%, pushing the market cap of the asset above $4.7 billion.

Although the coin is now sitting above its 20-day moving average, its long-term outlook is still bleak. SHIB is still firmly below its 50-day and 100-day moving averages.