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- Shiba Inu (SHIB) has witnessed a substantial 21 percent surge in the past two weeks, driven by overall market momentum and positive sentiment surrounding Shibarium.
- Shibarium’s surge in daily transactions to 7.84 million and increased gas fees contribute to the positive momentum, potentially acting as catalysts for SHIB’s price.
Shiba Inu has experienced a notable upswing, surging 21 percent in the past two weeks, driven by the overall market rally and positive sentiments surrounding Shibarium. The cryptocurrency aims to eliminate one zero from its value, aligning with Shibarium’s impressive daily transaction count of 7.84 million.
At press time, Shiba Inu (SHIB) is trading 9.96 percent up at a price of $0.000009336 with a market cap of $5.5 billion. After facing bearish pressure two months ago, Shiba Inu reached a low point of $0.00000661 on Oct. 19. Despite initial recovery, the asset encountered recent challenges, leading to a consolidation range of $0.00000802 to $0.00000866 over five days.
November marked the end of this consolidation phase, as SHIB initiated a fresh rally in early December. Within this period, Shiba Inu saw a significant spike of 16.87 percent, rising from $0.00000812 on Nov. 30 to $0.00000949 on Dec. 3. Although it faced resistance around the $0.00000940 level, experiencing a brief dip below it, SHIB has managed to maintain support above the psychologically significant $0.000009 threshold.
The success of Shiba Inu’s objective to remove a zero and reach the $0.00001 price point hinges on its ability to sustain support at $0.000009, which the cryptocurrency aims to utilize as a launching pad for further advancements.
Shiba Inu (SHIB) Price Gives Crucial Breakout
Recent price movements indicate potential strength for the asset as bulls may exert more influence. Notably, Shiba Inu has successfully broken and closed above the 21-day exponential moving average (EMA), a development often associated with substantial price surges.
The last instance of SHIB closing above the 21-day EMA, following a period below it, occurred on Oct. 23. Historical data reveals that Shiba Inu experienced a remarkable 35 percent rally, increasing from $0.00000714 on Oct. 23 to $0.00000965 on Nov. 11. A similar bullish close above the 21-day EMA on July 28 also triggered a significant 45.58 percent rally for SHIB from July to August.
The most recent close above the 21-day EMA took place on Dec. 2. With the current trading price at $0.00000820, SHIB has seen an 8 percent increase since this close. Furthermore, the asset has gained 20.8 percent since rising from its low of $0.00000761 on Nov. 21. This positive momentum coincides with the increased adoption of Shibarium.
Shibarium Dail Transactions Shoot
The latest data from Shibariumscan, the official Shibarium block explorer, indicates a significant surge in daily transactions, reaching an impressive 7.84 million. This marks a substantial increase from 748K on Nov. 30, 5.11 million on Dec. 1, and 7.4 million on Dec. 2, showcasing a rapid rise in daily transaction activity within the Shibarium ecosystem.
Alongside the surge in daily transactions, Shibarium has experienced an uptick in gas fees, reaching 783 Gwei. Elevated gas fees are commonly observed in blockchain networks during periods of heightened demand for network resources. The increased gas fees also contribute to the acceleration of BONE accumulation for SHIB burns.
At the same time, the Shiba Inu (SHIB) burn rate has skyrocketed significantly which could provide a major catalyst to the SHIB price.
