Amid the current market rally, Shiba Inu (SHIB) has emerged as a standout performer, showcasing a remarkable surge of 21.45% within a week.
This price rally comes on the heels of increased market optimism surrounding Shibarium, the robust layer-2 network within the SHIB ecosystem bolstered by staggering transaction figures of 7.84 million per day.
#Shibarium, the #ShibaInu ecosystem’s secret weapon, just hit a mind-blowing 582% surge in daily transactions, reaching an all-time high of 5 million!
What’s fueling this explosion in #Shiba Inu’s blockchain?
pic.twitter.com/UooJnZMGcQ
— Collin Brown (@CollinBrownXRP) December 3, 2023
Just two months ago, SHIB found itself grappling with the claws of the bears, hitting a disheartening low of $0.00000661 on October 19. However, the asset has since rebounded, albeit experiencing recent resistance within a consolidation range of $0.00000802 to $0.00000866 for five consecutive days.
Yet, December heralded a fresh rally for SHIB, witnessing a sharp spike of 16.87% from a recent low of $0.00000812 on November 30 to a high of $0.00000985 on December 5. However, encountering resistance around the $0.00000940 territory, the asset faced a temporary setback, slipping marginally below this level.
Despite this resistance, SHIB has maintained a steadfast hold above the psychologically significant support level of $0.000009, positioning itself to surpass the $0.0001 mark. This critical objective hinges upon SHIB’s ability to leverage the $0.000009 support zone as a launchpad for further upward momentum.
Notably, SHIB’s recent price actions reveal an encouraging trend as it breached and closed above the 21-day exponential moving average (EMA), historically indicating the potential for substantial price surges. The last instance when SHIB closed above the 21-day EMA was on December 2, propelling SHIB’s current price to $0.00000930, marking a 10% surge since that pivotal close.
Shibarium 7.84M Daily Transactions Drive SHIB Rally
What has further propelled SHIB’s ascent has been the astounding surge in daily transactions observed within the Shibarium network. According to Shibariumscan data, the L2 network has soared to a record 7.84 million transactions per day.
This remarkable surge in daily transactions, as tracked by Shibariumscan, paints a picture of rapid adoption and increased use within the SHIB ecosystem.
Alongside this surge in transactions, Shibarium has also witnessed a sharp rise in gas fees, soaring to 783 Gwei. Such escalations in gas fees are typical amid heightened network demand, potentially expediting the accumulation of BONE tokens for SHIB burns within the ecosystem.
As SHIB continues its upward trajectory, supported by the flourishing activity within the Shibarium network, the cryptocurrency landscape eagerly anticipates whether this momentum will propel SHIB towards the coveted milestone of erasing three zeroes from its valuation and beyond.
