As a seasoned crypto investor with a knack for spotting trends and understanding market dynamics, I find the recent surge of Shiba Inu (SHIB) quite intriguing. The rise in Shibarium fees, as high as 1,522%, is a clear indication of increased network activity, which is always a positive sign. The burning of SHIB tokens due to BONE revenue collection adds an extra layer of bullishness to the situation.
On September 26th, Shiba Inu experienced a significant resurgence, reaching its peak since July 27th, primarily due to the escalation of transaction fees on Shibarium.
Shibarium fees are rising
The popular meme cryptocurrency, Shiba Inu (SHIB), surged up to $0.000017, following an uptick in on-chain data indicating that transaction fees for the upcoming Shibarium platform reached 438 – a substantial rise compared to this month’s lowest point of 27. This marks a staggering 1,522% increase in fees over the period.
Shiba Inu’s developers have released Shibarium, a second-tier network. A significant surge in transaction fees suggests an increase in network usage. Notably, data from Shibariumscan reveals that daily transactions climbed to 8,025 on September 26, marking a substantial rise from this month’s minimum of 2,186.
Increased fees on Shibarium have a substantial impact due to the fact that a portion of the earned BONE is converted into SHIB and subsequently destroyed. According to Shibburn’s data, the rate at which Shiba Inu tokens are being burned increased by an impressive 640% over the past day, reaching 5,555,360 tokens.
As a researcher, I’ve noticed an intriguing correlation: The surge in Shiba Inu’s value seems to align with the ongoing rally of meme coins. Over the past 24 hours, many meme coins have experienced a rise exceeding 5%, collectively propelling the total market capitalization to an impressive $50.9 billion. Specifically, Pepe (PEPE) climbed by approximately 7.5%, while Mog Coin saw a staggering increase of 14%.
In the past week, the value of Popcat (POPCAT) has increased by 15%, reaching a market capitalization above one billion dollars. It’s worth noting that meme coins tend to show some level of similar price movements.
According to Nansen’s data, Shiba Inu saw an outflow of approximately 41 million tokens over the past week, which now represents about 25.48% of the total token supply on exchanges. This token outflow is considered a positive sign, as it indicates that numerous investors are choosing to store their coins in personal wallets, suggesting confidence and optimism in the coin’s future price movement.
Shiba Inu crossed key resistance
The surge of Shiba Inu was additionally fueled by favorable technical signals. It exhibited a double-bottom chart formation and surpassed its peak at $0.000016 on August 24, marking the neckline.
Shiboinu (SHIB) surpassed its downward trending line, which joins the peak points from July 16, demonstrating a climb. Furthermore, the Relative Power Index kept climbing, suggesting an increase in momentum.
Based on this price movement, it appears that the token is expected to keep climbing since investors (bulls) aim to break through the significant resistance at $0.00002, which marks its highest point in July.
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2024-09-26 18:42