SHIB Surge & Shibarium Triumph: Crypto Momentum Unleashed

Shiba Inu (SHIB) Witnesses Surge in Value: Notched a 20% upswing over the previous week, likely fueled by the prevailing optimistic trend in the cryptocurrency market. 

Milestones Attained by Shibarium: Notable headway achieved with an excess of 50 million transactions, augmenting SHIB's efficacy by enhancing its speed and lowering associated fees.

Promising Prospects for SHIB: Indicators point toward potential expansion, bolstered by successful on-chain metrics and an assertive burning mechanism curbing SHIB's circulating supply.

Shibarium's Recent Feat

The widely recognized memecoin, Shiba Inu (SHIB), stands out among the surging crypto assets. Its valuation has escalated by around 20% (as per CoinGecko's statistics) in the past seven days, influenced by various factors contributing to this upward trend.

One contributing factor could be the overall positive momentum in the broader cryptocurrency domain. Recall that Bitcoin (BTC) reached a 19-month pinnacle of $44,000, while Ether (ETH), the second-largest by market capitalization, briefly surpassed the $2,300 mark.

Another catalyst might be the ongoing progress of the layer-2 blockchain solution, Shibarium. Since its official launch in August, the network has achieved several significant milestones in recent months.

Most notably, the aggregate transactions on Shibarium surpassed the 50 million mark. This accomplishment followed six consecutive days with daily transactions reaching into the millions.

The L2 scaling solution aspires to elevate Shiba Inu's standing among memecoins by improving transaction speed and reducing associated fees.

Is SHIB Set for an Additional Uptrend?

Shiba Inu's value has surged by nearly 50% in the past half-year, with certain on-chain metrics hinting at a potential further surge. According to CryptoQuant's data, SHIB exchange netflows have consistently entered negative territory over the past week, indicating that outflows have surpassed inflows. This shift may be interpreted as a bullish signal, relieving immediate selling pressure.

The successful implementation of Shiba Inu's burning mechanism could also act as a catalyst for a SHIB price surge. The burn rate has surged by over 800% in the past 24 hours and an astounding 1,500,000% on December 5.

This initiative aims to diminish the circulating supply of Shiba Inu, potentially increasing its scarcity and value over time. As of now, over 41% of the token's total supply has been transferred to an address inaccessible to anyone.

Read more: Bullish Bitcoin Surge: Options and Outlook