CandleFocus Here’s why Shiba Inu price is soaring
2024-09-26
Author: Content Editor
Shiba Inu (SHIB), the second-largest meme coin, experienced a strong surge on September 26, reaching its highest level since July 27. This surge coincided with a significant increase in fees on the Shibarium layer-2 network launched by Shiba Inu's developers, indicating increased activity on the network. Higher Shibarium fees are significant because part of the revenue collected is converted to SHIB and burned. Shiba Inu's burn rate also rose significantly in the last 24 hours. The rise in SHIB's price also aligned with a broader rally in meme coins, with most meme coins seeing an increase in the last 24 hours. Shiba Inu has also experienced a net outflow of tokens from exchanges, suggesting that many investors are holding their coins in personal wallets. Positive technical indicators, such as the formation of a double-bottom chart pattern and breaking above a descending trendline, suggest that SHIB may continue to rise, with a key resistance level at $0.00002.
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