What’s causing Shiba Inu’s sudden rise?
The Shiba Inu cryptocurrency saw a 7% increase in value in the last 24 hours, reaching $0.00002995 at 03:51 a.m. EST, and a whooping 211% rise this month alone. SHIB also boasts an increased trading volume of $2.2 billion, which is a 42% rise from the previous trading volume.
Despite facing strong resistance and undergoing a correction due to a general downward trend in the market, The Relative Strength Index (RSI) of Shiba Inu is optimistic, rising from 50 to 56, indicating a rebound and SHIB breaking out of a falling wedge pattern.
The Moving Average Convergence Divergence (MACD) indicator also supports a bullish trend, with the blue line crossing above the orange signal line and the histogram's green bars rising, signaling positive upward momentum.
Shiba Inu’s burn rate also jumped 1200% in the past 24 hours. Approximately 30% of assets sent to a null address in the past week are associated with this.
Shiba Inu’s layer-2 scaling solution, introduced in August last year, continues to reach significant achievements. This month, the network has surpassed 400 million transactions and is close to 4 million blocks.
Shibarium aims to support the advancement and expansion of the Shiba Inu ecosystem, positioning the meme coin above its competitors.
