Shiba Inu Coin is now surging again as it builds momentum, collecting more than 40% gains in the past 7 trading days.
On September 26, Shiba Inu made a notable comeback, reaching its highest price since July 27, driven by a substantial rise in Shibarium fees. The second-largest meme coin surged to $0.000017 as on-chain data revealed that Shibarium fees climbed to 438, a remarkable increase from a low of 27 earlier this month—an impressive 1,522% jump.
Shibarium, a layer-2 network developed by the Shiba Inu team, is experiencing heightened activity, as evidenced by data from Shibariumscan showing new transactions rising to 8,025 on September 26, up from a low of 2,186.
The increase in fees is particularly noteworthy because a portion of the collected BONE revenue is converted into SHIB and burned.
According to Shibburn, Shiba Inu’s burn rate surged by 640% in the past 24 hours, totaling 5,555,360 tokens.
This increase in Shiba Inu’s value aligns with a broader rally in the meme coin market, where many coins have gained over 5% in the last day, pushing the total market capitalization to $50.9 billion.
Pepe saw a rise of 7.5%, while Mog Coin jumped by 14%.
Popcat also experienced a 15% increase over the past week, bringing its market cap to over $1 billion.
Data from Nansen indicates that Shiba Inu has experienced a net outflow of 41 million tokens in the last week, resulting in only 25.48% of the total supply remaining on exchanges.
This outflow is considered bullish, as it suggests many investors are opting to hold their tokens in personal wallets.
Shiba Inu’s recent rise is supported by positive technical indicators, including the formation of a double-bottom chart pattern that broke above the neckline at $0.000016, its highest point since August 24.
Investor sentiment continues to remain bullish.
Additionally, SHIB has surpassed a descending trendline connecting its highest points since July 16.
The Relative Strength Index (RSI) is also on the rise, indicating growing momentum.
This price movement suggests that Shiba Inu may continue its upward trend, with bulls targeting a key resistance level at $0.00002, the highest mark reached in July.
SHIB is currently trading at $0.00002014 at the time of this publication.
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