Will Shiba Inu Reach to $0.01 This Bull Run 🦊
Shiba Inu surged on Sept. 26, hitting its highest level since July 27, as Shibarium’s fees spiked.
Shibarium fees rising
Shiba Inu ($SHIB ), the second-largest meme coin, jumped to $0.000017 as on-chain data showed Shibarium’s fees rose to 438, up from this month’s low of 27, a 1,522% increase.
Shibarium is a layer-2 network by Shiba Inu developers. The increase in fees indicates more network activity. Shibariumscan data shows new transactions rose to 8,025 on Sept. 26 from 2,186.
Higher Shibarium fees are significant as part of the BONE revenue is converted to SHIB and burned. Shibburn data shows Shiba Inu’s burn rate jumped 640% in 24 hours to 5,555,360 tokens.
The surge coincides with a meme coin rally, with most meme coins up over 5%, pushing the total market cap to $50.9 billion. Pepe ($PEPE ) rose by 7.5%, and Mog Coin by 14%. Popcat (POPCAT) gained 15% in seven days, with a market cap surpassing $1 billion.
Nansen data shows a net outflow of 41 million Shiba Inu tokens in seven days, with the total exchange supply now at 25.48%, a bullish indicator.
Shiba Inu crossed key resistance
Shiba Inu’s rise was also driven by technical indicators. It formed a double-bottom pattern and moved above the neckline at $0.000016. The Relative Strength Index is also rising, signaling growing momentum, with bulls targeting the key resistance at $0.00002.
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