The Shibarium network has experienced a remarkable surge in activity, skyrocketing by 375% overnight, indicating a potential path to a new all-time high for the memecoin SHIB. This surge in network activity aligns with a price increase for SHIB, which has gained over 5% in the past week. The rise in transactions on the network, from 500,000 to 2 million between February 9th and 10th, was showcased in a CryptoNewsFlash YouTube video.
This surge in network activity could be a precursor to a price reaction in the coming days, and signs of this are already evident with SHIB’s recent gains. Investors are now eagerly watching to see if the memecoin will continue on its upward trajectory.
Currently, SHIB is trading at $0.000009382, experiencing a slight change in the last 24 hours. With a market capitalization of $5.5 billion, SHIB is the second largest memecoin, trailing behind Dogecoin (DOGE) with a market cap of $11.5 billion. Some experts speculate that if Shiba Inu continues to grow and attract new users and investors, it has the potential to surpass Dogecoin and become the leading memecoin in the market.
Interestingly, this price movement follows a period of low volatility. Experts have identified this as an accumulation phase, with large investors, particularly whales, taking part in a buying spree. Investors view SHIB as a lucrative opportunity to profit in the upcoming bull market as the token removes zeros from its price.
Crypto educator and trader Crypto Rand has identified a bullish reversal in Shiba Inu’s price trajectory. Rand’s analysis indicates a positive outlook for SHIB, fueled by a resurgence in bullish sentiment driven by Bitcoin’s recovery.
The movement of Bitcoin is a vital factor in shaping SHIB’s price trajectory, and it is widely expected to be bullish. The upcoming halving event for Bitcoin is considered the most bullish catalyst for the digital asset and is likely to propel it to new all-time highs.
Additionally, the burn rate of Shiba Inu will play a crucial role in boosting the value of SHIB. The burn rate has recently surged by an impressive 200%, as anticipated by the team. The launch and increasing adoption of the Shibarium network have led to a higher quantity and frequency of burned SHIB tokens, creating scarcity and driving up the value of the remaining tokens.