Here’s why Shiba Inu price is soaring
Release: 2024/09/26 23:39 Reading: 467
Shiba Inu Surges with Shibarium Fees Rising
Shiba Inu (SHIB), the prominent meme coin, experienced a significant rebound on September 26, reaching its highest point since July 27, as Shibarium's fees escalated.
Shibarium Fees Surge
On-chain data reveals that Shibarium's fees have surged to 438, a remarkable increase from this month's low of 27, representing a 1,522% rise.
Shibarium, a layer-2 network developed by Shiba Inu, functions alongside the main blockchain. Increased fees indicate enhanced network activity, which is further corroborated by data from Shibariumscan showing a spike in new transactions on September 26 to 8,025, up from this month's low of 2,186.
Shibarium Fees Drive SHIB Burn
Higher Shibarium fees are significant as a portion of the collected BONE revenue is converted into SHIB and subsequently burned. According to Shibburn, Shiba Inu's burn rate has increased by 640% in the past 24 hours, reaching 5,555,360 tokens.
Meme Coin Rally Supports Surge
Shiba Inu's upward movement coincided with an ongoing rally in the meme coin market. Several meme coins have rallied by over 5% within the last 24 hours, pushing the total market cap to $50.9 billion. Pepe (PEPE) advanced by 7.5%, while Mog Coin rose by 14%.
Technical Analysis Buoys SHIB
Shiba Inu's positive technical indicators also contributed to its growth. It formed a double-bottom pattern and breached the neckline at $0.000016, its highest swing on August 24.
SHIB has also surpassed the descending trendline connecting the highest swings since July 16. Furthermore, the Relative Strength Index continues to ascend, indicating increasing momentum.
These indicators suggest a continuation of the upward trend, with bulls aiming for the key resistance at $0.00002, the highest level achieved in July.
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