CandleFocus Shiba Inu Up 43%, Here’s Why SHIB is Rising According to On-Chain Data
2024-09-27
Author: Content Editor
Shiba Inu (SHIB) has experienced a surge of over 43% in the past nine days, driven by increased on-chain activities. SHIB has reached a 10-week high of $0.000019 and has outperformed other meme coins and altcoins in the past week. On-chain activities, including trading volume, circulation, and whale transactions, have spiked, contributing to the bullish trend. The integration of liquid staking to the Shibarium network and an increase in the SHIB burn rate have also contributed to the recent price increase. However, analysts believe that a short-term price correction may occur due to FOMO sentiment among investors, but the next target for SHIB is the $0.000043 price level.
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