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The meme coin sector is showing renewed strength after the holidays, with fresh data pointing to a strong rebound across several major tokens.

WallStreetBets founder Jamie Rogozinski has attributed the recent surge in SHIB’s price to the Shiba Inu team’s relentless token burn campaign.

Shiba Inu (SHIB) and Dogecoin (DOGE) recorded mixed performances at the time of writing, with both meme tokens showing signs of weaker market activity while Ethereum (ETH) advanced on higher trading volumes. According to CoinMarketCap data, SHIB and DOGE faced declining demand, compared to Ethereum’s stronger buying momentum that pushed its price above the $3,700 mark.

Leading memecoin project Shiba Inu escalated its Shibburn process on Monday when an unidentified whale sent over 1 billion SHIB tokens to an unspendable wallet. The mammoth-sized transaction marked the highest single Shibburn ever and raised the exercise rate by 116,757%.

The Shiba Inu (SHIB) community has significantly ramped up its token-burning efforts, permanently removing over 1.3 billion SHIB from the circulating supply in just seven days. This intensified deflationary pressure, which includes a dramatic 4,000% spike in the daily burn rate, comes even as the token’s market price has continued to decline.

Shiba Inu (SHIB) has recently shown intriguing price behavior that has caught the attention of traders and crypto enthusiasts. Despite a minor daily dip of 0.40%, investor interest remains elevated.