Will SHIB Recent Price Action Lead to Sustained Gains?

• SHIB burn rate and Shibarium upgrades boost long-term growth potential.
• Increasing SHIB transaction activity signals rising engagement.

Shiba Inu (SHIB) has been experiencing a surge as Bitcoin hit a three-month high, pushing past the $71,000 mark. It jumped 11% in the past 24 hours, with trading volume up 199%. Despite this recent spike, SHIB has seen a 5% drop over the past month, underscoring the volatile landscape of the meme coin market.

This bull rally also coincides with the announcement of a significant upgrade to Shiboshis, the Ethereum-based NFTs within the Shiba Inu ecosystem. Shiba Inu’s marketing lead, Lucie, recently shared details about the upgrade on X, describing it as a strategic enhancement for Shibarium, SHIB’s layer-2 blockchain. The update promises new features for Shiboshis, including increased utility, exclusive events, rewards, and a streamlined approach aimed at embedding NFTs as a core component of SHIB’s ecosystem.

Adding to the bullish outlook is Shibarium’s robust growth. Since its launch, the ecosystem has registered 430 million transactions and amassed over 2 million wallet users.

Meanwhile, the SHIB burn rate has skyrocketed by 65,530%, potentially decreasing the coin’s circulating supply and contributing to a long-term value boost. 

Why SHIB Traders Are Optimistic?

Market indicators also reflect optimism. The daily active addresses for SHIB rose 0.89% in the last 24 hours, signaling continued engagement from the SHIB community. 

Meanwhile, The nine-day exponential average (EMA) is at $0.0001873 and the daily RSI (Relative Strength Index) is at 55, indicating that it is in a neutral position. The long/short ratio is tilted towards bullishness, with 57.52% of traders holding long positions, indicating that most investors are optimistic about its potential price rise.

With Shibarium’s ecosystem advancements and a strong burn rate, it appears positioned for potential future gains. However, greater activity within the Shibarium network may be essential to fully capitalize on this momentum.