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Shiba Inu has hit a new record high as its price has risen to a two-month high following the market’s recent positive run.
Total Shiba Inu addresses, which are all 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 data from IntoTheBlock.
After starting a rally on October 19, Shiba Inu hit a high of $0.000082 in Thursday trading and has now spent seven of the last eight days in the green.
SHIB is 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 data from IntoTheBlock, Shiba Inu’s profitability has increased on the back of positive price action.
In this sense, the Shiba Inu addresses that are making profits have seen an increase from the 3% reached at the beginning of the month to the current 20%.
Shiba Inu has surpassed the important daily moving average of 50, which had been preventing its price movement since August; The price is now trading between the two daily moving averages of 50 and 200.
A break above the daily 200 MA at $0.00000828 could extend the rally to erase a SHIB price zero at $0.00001 and further at $0.0000113.
Shibarium Triggers Major Transaction Surge
While the price of SHIB has increased, other components of the Shiba Inu ecosystem are reporting an increase in equal measure. The Shiba Inu Layer-2 protocol, Shibariu, triggered a sharp increase in transactions to 62,570, significantly up from the previous day’s count of 12,690.
In a tweet, member of the Shiba Inu team. Lucy informed the Shiba Inu token burners at Shibarium about a key step that needs to be taken.
Lucie provided some clarification on why it is important to first connect SHIB tokens to Ethereum before sending them to the dead wallet.
When SHIB is initially connected 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 instead of the minted tokens on Shibarium, users must make sure to connect their Shib to the Ethereum network before sending it to the dead wallet.
