Shiba Inu Rises 21%, Moves to Delete One Zero as Shibarium Hits 7.84M Daily Transactions

Shiba Inu is riding on the broader market rally and the bullish sentiments surrounding Shibarium, as it rises 21% in two weeks, hoping to delete one zero amid Shibarium’s 7.84 million daily transaction count.

Shiba Inu traded within the claws of the bears two months back, slipping to a discouraging low of $0.00000661 on Oct. 19. The asset recovered from this low, but recent opposition resulted in a 5-day consolidation range of $0.00000802 to $0.00000866.

However, the consolidation phase ended in November, as SHIB engineered a fresh rally at the start of December. Shiba Inu spiked 16.87% from a low of $0.00000812 on Nov. 30 to $0.00000949 on Dec. 3. The asset faced another resistance at the $0.00000940 territory, observing a quick slip below it.

Despite the resistance, SHIB has upheld the support above the $0.000009 psychological territory. Shiba Inu’s goal to delete a zero and reclaim the $0.00001 price point rests on the asset’s ability to retain the support at $0.000009. SHIB aims to leverage this zone as a launchpad.

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Shiba Inu Closes Above 21-Day EMA

The asset’s recent price movements suggest it might receive further strength from the bulls soon. Interestingly, Shiba Inu has broken and closed above the 21-day exponential moving average (EMA). This phenomenon often leads to an impressive price surge for Shiba Inu.

The last time SHIB closed above the 21-day EMA after staying below it was on Oct. 23. Data confirms that Shiba Inu rallied 35% from $0.00000714 on Oct. 23 to $0.00000965 on Nov. 11. SHIB also rallied 45.58% from July to August when it recorded a similar bullish close above the 21-day EMA on July 28.

The latest close came up on Dec. 2. Currently trading for $0.00000820, SHIB is now 8% up since this close. The asset has also gained by 20.8% since rising from the low of $0.00000761 on Nov. 21. This momentum has come up when Shibarium is witnessing increased adoption.

Shibarium Records 7.84M Daily Transactions

Recall that The Crypto Basic recently revealed that Shibarium, the Shiba Inu ecosystem layer-2 network, had hit a daily transaction count of 5.11 million, marking a new all-time high. This figure has since skyrocketed further, demonstrating the protocol’s recent massive adoption.

Data from Shibariumscan, the official Shibarium block explorer, suggests that Shibarium now boasts a massive 7.84 million daily transaction count. This figure was 748K on Nov. 30, 5.11 million on Dec. 1, and 7.4 million on Dec. 2. The pattern suggests a rapid rise in daily transactions.

In addition to the massive surge in daily transactions, Shibarium has also witnessed a spike in gas fees to 783 Gwei. Blockchain networks typically record surges in gas fees amid increased demand for network resources. The rise in gas fees would also expedite the accumulation of BONE for SHIB burns.