Shiba Inu (SHIB) price has surged to a one-month high of $0.00001957, aligned with the overall bullish trend in the cryptocurrency market. Although it has retraded to $0.0000189, the meme coin remains in the green on both daily and weekly scales.
SHIB’s impressive performance coincides with Bitcoin’s (BTC) price explosion to $73,600, just $150 shy of a new all-time high. Bitcoin currently trades around $72,400, marking an 8% weekly increase.
The Shiba Inu ecosystem has shown growth, with a 450% increase in the burn rate over the past 24 hours, resulting in approximately 52 million tokens being sent to a null address. The burning mechanism aims to decrease SHIB’s circulating supply, potentially driving up its valuation if demand remains constant or increases.
Additionally, transactions on Shiba Inu’s layer-2 scaling solution, Shibarium, have soared by 13,500% in the past 24 hours, indicating increased user engagement. Shibarium launched last August to foster the development of the meme coin’s ecosystem.
However, the Relative Strength Index (RSI), which measures the speed and change of price movements, is currently at 70, suggesting that SHIB may be overbought and poised for a short-term correction. An RSI above 70 generally indicates overbought conditions, while readings below 30 may signal a buying opportunity.
