Shiba Inu Coin Surges Over 40% in a Week as Shibarium Fees Skyrocket

Shiba Inu Coin has gained more than 40% in the past 7 days, reaching its highest price since July, driven by a 1,522% surge in Shibarium fees and an increased burn rate of SHIB tokens.

Shiba Inu Coin (SHIB) is making waves in the cryptocurrency market, surging over 40% in the past week. On September 26, SHIB hit $0.000017, its highest price since late July, fueled by a substantial increase in Shibarium fees, which rose to 438 from a low of 27 earlier this month. This represents a staggering 1,522% jump.

Shibarium, Shiba Inu’s layer-2 network, has been witnessing increased activity, with transactions rising to 8,025 on September 26, up from just 2,186. The increased fees are important because a portion of the collected BONE tokens is converted into SHIB and burned, contributing to its scarcity. Data from Shibburn shows a 640% surge in the SHIB burn rate over the last 24 hours, with 5.55 million tokens burned.

The broader meme coin market is also rallying, with coins like Pepe gaining 7.5%, Mog Coin jumping 14%, and Popcat increasing by 15%, pushing the total market cap of meme coins to $50.9 billion. Shiba Inu’s recent rise is supported by technical indicators like the formation of a double-bottom chart pattern and breaking above a key descending trendline. The Relative Strength Index (RSI) is on the rise, signaling further upward momentum for SHIB, which could push the coin toward the $0.00002 resistance level.

SHIB is currently trading at $0.00002014, and investor sentiment remains bullish as the coin continues its upward trajectory.

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