Shiba Inu (SHIB) Breaks New Record With Price Soaring to New Heights

Shiba Inu has hit a new record as its price has risen to a two-month high following the market’s recent positive run.

Shiba Inu total addresses, which are all those addresses that have ever been generated and those that still contain SHIB, have reached a new high, now standing at 3.63 million, according to IntoTheBlock data.

After initiating a rise on Oct. 19, Shiba Inu reached a high of $0.000082 in Thursday’s trading and has now spent seven of the last eight days in the green.

SHIB was up 6.81% in the last 24 hours to $0.00000794 at the time of writing and has gained 19% in the last seven days. According to IntoTheBlock data, Shiba Inu’s profitability has increased in the wake of the positive price action.

In this regard, Shiba Inu addresses that are profiting have seen an increase from 3% reached earlier in the month to a current 20%.

Shiba Inu has surpassed the important daily moving average of 50, which had been impeding its price movement since August; the price now trades between the two daily moving averages of 50 and 200.

A break over the daily MA 200 at $0.00000828 could extend the rise to erase a zero from the SHIB price at $0.00001 and further at $0.0000113.

Shibarium triggers significant transaction spike

While the SHIB price has risen, other components of the Shiba Inu ecosystem are reporting a spike in equal measure. Shiba Inu Layer-2 protocol Shibariu, triggered a sharp transaction spike to 62, 570, significantly up from the prior day’s count of 12,690.

In a tweet, Shiba Inu team member Lucie informed Shiba Inu token burners on Shibarium of a key step that needs to be taken.

Lucie provided some clarification as to why it’= is important to first bridge SHIB tokens to Ethereum before sending them to the dead wallet.

When SHIB is initially bridged to Shibarium, the original Shib tokens are locked in the bridge contract, while a version of the token is minted on Shibarium.

To burn the original tokens rather than the minted tokens on Shibarium, users should make sure to bridge their Shib back to the Ethereum network before sending it to the dead wallet.

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Tomiwabold Olajide