Exploring SHIB Price Potential Amid Diverse Signals from Shibarium

Summary:

• Increased Activity in Shibarium and SHIB Price Trends, affecting the SHIB price. Despite the price increase, it remains below its short-term moving average.
• SHIB has been on an upward trend in recent days, but still below its short-term moving average. SHIB burning has significantly increased, indicating potential market dynamics.
• SHIB Price Potential Based on Signals from Shibarium, with increased network activity and positive indications on SHIB burning.

Recently, the layer-2 network of Shiba Inu, Shibarium, has garnered significant attention, thanks to a surge in network activity and growing investor interest, with SHIB price attempting to recover in recent days.

This narrative unfolds amidst a broader crypto recovery, with SHIB at the forefront, reflecting the dynamic interaction between technological advancements and market sentiment. Fluctuations in SHIB price, encapsulating this ongoing saga, highlight the coin's resilience and the speculative enthusiasm surrounding it.

Diverse Signals from Shibarium

According to AMBCrypto, Shibarium, a layer-two solution aimed at enhancing scalability and functionality for Shiba Inu, has become a focal point for analysts and investors alike.

The expanding network activity is measured by spikes in new and active accounts, serving as a barometer for engagement and interest. Between February 6th and 7th, the number of new Shibarium accounts surged from 33 to 207, signaling increased interest.

Though the excitement tapered off slightly, with the count reverting to 79, it remained significantly higher than in previous weeks, depicting a growing network allure.

Simultaneously, the Shibarium network witnessed a remarkable increase in active accounts, further substantiating the heightened platform engagement. This metric surged from 552 to 865 within a day, though later settling around 206.

Despite the decline, the elevated activity levels compared to previous weeks indicate sustained network allure and potential for expansion.

SHIB Price Technical Analysis

Amidst this network dynamics, SHIB market performance is equally striking. The leading meme token embarked on a consecutive three-day uptrend, commencing on February 7th. This rally saw SHIB price surge by 2.48 percent, followed by a 1.54 percent increase the following day, and an additional over 1 percent rise thereafter.

This consistent upward trajectory propelled SHIB into a bullish phase, as indicated by the RSI indicator positioned above the neutral threshold.

However, SHIB price remains below its short-term moving average (MA), suggesting that the token's growth journey still has a long way to go and may have more room to expand.

Further vitality of the Shibarium ecosystem is reflected in the recent spike in SHIB burn rate. The 24-hour burn rate experienced a dramatic surge of over 191 percent, with over 7.6 million tokens removed from circulation.

This development marks a positive shift, contrasting with the burn rate from the previous 7 days, which saw a decrease of over 76 percent, equivalent to around 52.1 million tokens burned. The discrepancy between the 24-hour and weekly burn rates highlights the fluctuating yet opportunistic nature of the SHIB market.