While SOL, MATIC, and AVAX all traded up to 20% higher on Friday, it was a meme coin that was the most prominent secondary mover today.
Following this week's crypto sell-off, SHIB was clearly one of the day's biggest gainers, rallying away from previous lows.
Shiba inu soared to an intraday high of $0.00001426 on Friday after hitting a low of $0.00001041 on Thursday.
SHIB/USD moved away from an eight-month low today, indicating that prices are stabilizing following recent falls.
Increased token burns are one quick modification Shiba Inu has made, which has spurred fresh interest in the token at the start of 2022. Bigger Entertainment, a crypto record label that sells merch, NFTs, and concert tickets, held a SHIB burn event over the holidays, burning over 239 million SHIB. Since the end of October, the team has burned nearly one billion SHIB.