This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Shiba Inu (SHIB) has experienced a significant surge in value, rising by 21 percent over the past two weeks. This increase can be attributed to the overall positive sentiment surrounding Shibarium, as well as the cryptocurrency’s impressive daily transaction count of 7.84 million. The surge in daily transactions has also led to an increase in gas fees, which further contributes to the positive momentum for SHIB’s price. At present, SHIB is trading at $0.000009336 with a market cap of $5.5 billion. After facing bearish pressure in October, SHIB reached a low point of $0.00000661. However, it has since recovered and entered a consolidation range of $0.00000802 to $0.00000866. In November, SHIB initiated a fresh rally, experiencing a significant spike of 16.87 percent. Although it faced resistance around the $0.00000940 level, SHIB has managed to maintain support above the psychologically significant $0.000009 threshold. The success of SHIB’s objective to reach the $0.00001 price point depends on its ability to sustain support at $0.000009. Recent price movements indicate potential strength for SHIB, as it has broken and closed above the 21-day exponential moving average (EMA). Historical data shows that previous instances of SHIB closing above the 21-day EMA have resulted in substantial price surges. The most recent close above the 21-day EMA occurred on December 2, and since then, SHIB has seen an 8 percent increase in price. Additionally, the asset has gained 20.8 percent since rising from its low of $0.00000761 in November. The surge in daily transactions within the Shibarium ecosystem is another positive factor for SHIB. Daily transactions have reached an impressive 7.84 million, showcasing a rapid rise in activity. Alongside this surge, gas fees have also increased, reaching 783 Gwei. Elevated gas fees are commonly observed during periods of high demand for network resources. The increased gas fees also contribute to the acceleration of BONE accumulation for SHIB burns. Overall, these developments indicate a positive outlook for SHIB’s price and suggest potential for further advancements.