Shiba Inu Surges 21%, Eyes Removal of One Decimal Point as Shibarium Achieves 7.84M Daily Transactions

Shiba Inu

Amidst a broader market rally and optimistic sentiments surrounding Shibarium, Shiba Inu has experienced a 21% surge over the past two weeks, aiming to eliminate one zero, fueled by Shibarium’s impressive 7.84 million daily transactions.

Shiba Inu faced bearish pressure two months ago, plummeting to a disheartening low of $0.00000661 on Oct. 19. Despite a recent 5-day consolidation range between $0.00000802 and $0.00000866, the consolidation phase concluded in November. Initiating a fresh rally in December, SHIB spiked 16.87%, reaching $0.00000949 on Dec. 3, but faced resistance at the $0.00000940 territory.

Even in the face of resistance, SHIB maintained support above the psychological threshold of $0.000009. The aspiration to shed a zero and reach the $0.00001 price point hinges on retaining this support, with SHIB looking to leverage this zone as a launchpad.

Related article: Shiba Inu Monthly Burn Rate Sees a 6.33% Decrease, 1.36 Billion SHIB Tokens Removed

Reaching the Mark: Shiba Inu Closes Above 21-Day EMA

Recent price movements indicate potential strength from the bulls as Shiba Inu successfully breaks and closes above the 21-day exponential moving average (EMA). This development often precedes notable price surges for SHIB.

Comparing historical data, the last time SHIB closed above the 21-day EMA after a period below was on Oct. 23. During this period, Shiba Inu saw a remarkable 35% rally, rising from $0.00000714 on Oct. 23 to $0.00000965 on Nov. 11. Similar bullish closes above the 21-day EMA in July led to a 45.58% rally from July to August.

The latest close occurred on Dec. 2, with SHIB currently trading at $0.00000820, marking an 8% increase since this close. The asset has also gained 20.8% since rising from the Nov. 21 low of $0.00000761. Notably, this surge aligns with the increased adoption of Shibarium.

Related also: Shiba Inu: Shibarium Witnesses Soaring Activity with 952 Transactions in a 5-Second Block

Shibarium’s Soaring Metrics: 7.84M Daily Transactions and Rising Gas Fees

Recent data from Shibariumscan, the official Shibarium block explorer, reveals a substantial increase in daily transactions. Shibarium now boasts an impressive 7.84 million daily transactions, soaring from 748K on Nov. 30 to 5.11 million on Dec. 1 and peaking at 7.4 million on Dec. 2.

Alongside the surge in daily transactions, Shibarium has witnessed a spike in gas fees, reaching 783 Gwei. Typically, blockchain networks experience fee surges with heightened demand for network resources. This rise in gas fees is expected to accelerate the accumulation of BONE for SHIB burns.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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