Why Shiba Inu Price Is Soaring: Latest Analysis

Bittime - On September 26, 2024, Shiba Inu (SHIB), the second largest meme coin, experienced a significant price spike, reaching $0.000017. 

This spike occurred as fees on the Shibarium network increased, indicating higher activity within the network. 

Transaction fees on Shibarium rose drastically to 438, an increase of 1,522% compared to this month's low point of only 27.

Shibarium is a layer-2 network launched by Shiba Inu developers, and the increase in transaction fees shows that more and more users are active on it. Data from Shibariumscan shows the number of new transactions increased to 8,025 on September 26, from this month's low of just 2,186.

Impact of Increased Transaction Fees on Shiba Inu

The increase in fees at Shibarium had a significant impact. A portion of the collected BONE revenue is converted into SHIB and then burned. 

According to data from Shibburn, the Shiba Inu burn rate increased by 640% in the last 24 hours, with a total of 5,555,360 tokens burned. This indicates that more SHIB is being removed from circulation, which could help increase the value of the remaining tokens.

Also read: Ethereum Price Rises 15% in a Week, Can it Break the $3K Level?

Rally Meme Coin and its Relationship with Shiba Inu

The surge in Shiba Inu prices also coincides with the ongoing rally in the meme coin market. Many other meme coins have seen increases of more than 5% in the last 24 hours, bringing the total market capitalization of meme coins to $50.9 billion. 

For example, Pepe (PEPE) rose 7.5%, while Mog Coin jumped 14%. Popcat (POPCAT) is also showing growth, up 15% in the last seven days, with a market cap passing $1 billion.

Positive Technical Indicators for Shiba Inu

The Shiba Inu price increase is supported by positive technical indicators. The chart shows a double-bottom pattern and successfully broke the neckline at $0.000016, the highest level since August 24. SHIB also managed to cross the descending trend line connecting the highest level since July 16. 

In addition, the relative strength index (RSi) continues to show an increase, indicating that positive momentum is building.

Next Target for Shiba Inu

Given these conditions, there are expectations that Shiba Inu price will continue to rise, with bulls targeting key resistance at the $0.00002 level, which was the highest level reached in July. If this positive trend continues, Shiba Inu could attract more attention and investors, potentially pushing the price higher.

With various supporting factors, both in terms of network activity and positive market sentiment, Shiba Inu has the potential to become one of the main players in the cryptocurrency market in the near future.

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