Dog themed meme token Shiba Inu (SHIB)Despite the panic that started in the market after the US Department of Justice announced that it would make a statement today, it continued to rise.
SHIB, which created a giant bullish candle on the 4-hour chart last night, lost half of its gain during the day, although it gained 20% in the time frame.
SHIBAfter converting the $0.1042 resistance to support, it suddenly broke the key $0.1171 level. However, as of writing, it is trading at $.1145.
The dog-themed meme token may visit the $.1042 support once again if the key level is not passed again.
Why is SHIB Rising?
on-chain According to statistics, user activity on the SHIB network has been on the rise in recent days. As a result, the volume of SHIB on the Binance exchange was recorded as 5 trillion on January 17, 2022, while this figure rose to 26 trillion in one day.
Another factor affecting the price rise is the long-awaited shibarium There was a new development in the update. SHIB developers announced the beta launch of Shiba Inu’s layer-2 solution, Shibarium, via their blog earlier this week.
With Shibarium, the developers aim to offer users faster transactions and lower transfer fees.
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