Shiba Inu’s Bullish Momentum: A 190% Price Surge on the Horizon
Shiba Inu (SHIB) is making waves in the crypto market. The token hit $0.000016 on Sunday, its highest since February. This represents a 52% increase from its lowest point this year.
The surge coincides with Ethereum (ETH) reaching the $2,500 resistance level. This move has boosted other ERC tokens like Pepe (PEPE), AAVE (AAVE), and Uniswap (UNI).
SHIB’s price also got a boost from a massive token burn. On Sunday, over 19 million SHIB tokens were burned, a 234,584% increase. This reduces the supply, potentially driving up the price.
Shiba Inu’s success is also linked to its growing Shibarium network. In the last 24 hours, the layer-2 network processed over 3.76 million transactions. It now has over 207 million addresses.
The total value locked in Shibarium has reached $3.84 million,up from $2.15 million earlier this year. This growth is mainly due to platforms like ShibaSwap and WoofSwap.
Technical analysis shows a bullish harmonic pattern. If SHIB breaks above $0.000033, it could surge 190% to $0.0000455.
For more insights, check the SHIB price chart.
