Shiba Inu Rally Decoded: Shibarium Updates Fuel SHIB Price

Key Insights

• Shiba Inu has recently outperformed Bitcoin, rising by 5.24% over the last day and by 8.26% over the last week.
• Shibarium, Shiba Inu's L2 network, has broken new records for transactions processed and new accounts created.
• Shiba Inu's burn rate has spiked by 2830% over the last day and is up by 901% over the last week.
• There has been a steady increase in the number of active addresses on the SHIB network over the last 7 days.
• Shiba Inu may have broken above its descending trendline, suggesting that a rally to $0.00001138 is possible.

SHIB has recently trailed Bitcoin's progress and is up by 5.24% over the last day, and by 8.26% over the last week.

Aside from Shiba Inu's bullishness on several timeframes, we have also seen some signs of impressive growth in Shibarium.

Could SHIB turn out to be one of the most bullish cryptocurrencies on the market soon? And are we witnessing some of the most glaring signs of a SHIB rally?

Here are a few details

Shibarium Metrics Explode

Shibarium just broke an amazing new record.

The number of transactions processed by the L2 network has now hit an all-time high of about 7.84 million today alone.

This brings the total amount of transactions processed by the network to a whopping 30.38 million so far.

The number of new accounts created in a single day has also been skyrocketing and now sits at a high of 3,393 wallets created in the last 24 hours.

This peak in activity over the last few days is the highest that Shibarium has achieved since 25 October, when the L2 network processed more than 62,000 transactions in a single day.

Shiba Inu Metrics Have Also Surged

According to a recent tweet from the Shib Burn Twitter account, Shibarium metrics aren't the only ones that have surged over the last day.

Shib Burn data shows that SHIBs burn rate has spiked by 2830% over the last day, and is also up by about 901% over the last week. This represents a total amount of more than half a billion SHIB burned over the last week.

According to data from Santiment, there has also been a steady resolution in the number of active addresses over the last 7 days, as shown above.

This shows an active interest in the SHIB network among investors and enthusiasts, as well as a tendency that the price rally on SHIB might continue.

Shiba Inu's Price Action

Bitcoin has been bearish for most of the year and has been trading under the descending trendline shown below, for as far back as February this year.

However, despite a false breakout on November 11,  SHIB may have just broken above this trendline with yesterday's rally.

This breakout appears valid, considering how SHIB broke and closed above the $0.00000884 resistance.

Considering how the RSI signal line shows that the bulls are firmly in control of the market, we can expect a possible rally on Shiba Inu to $0.00001138, before the bulls and bears decide whether we see a price correction or further decline.

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