Shiba Inu (SHIB) Price Surge: Here’s What You Need to Know
If you’re following the crypto market closely, you might have noticed Shiba Inu (SHIB) making significant gains this year. In the past week, SHIB’s price has surged by over 17%, outperforming many other cryptocurrencies in the top 20. Below, we’ll delve into the factors contributing to this impressive rally.
Shibarium Advancement
One of the key catalysts behind SHIB’s recent price surge could be the progress of Shibarium, its layer-2 blockchain solution. Here’s why Shibarium is gaining traction:
- Active accounts on the network have spiked by approximately 25% in just 24 hours.
- Daily transactions on Shibarium have risen by 35% to over 4,300.
Shibarium, which was launched last August, aims to enhance the Shiba Inu ecosystem by improving speed, reducing transaction costs, and enhancing scalability. The platform has achieved several milestones in recent months, including processing over 5.5 million blocks and nearing 420 million total transactions.
Whale Activity on the Rise
Another crucial metric that has seen a significant uptick in the past day is SHIB’s aggregated daily trading volume, with transactions exceeding $100,000. This surge in whale activity could have a profound impact on SHIB’s price, potentially attracting more investors and driving further price gains.
Crypto Market Rally
The recent price surge of SHIB coincides with a broader uptick in the cryptocurrency market. Here are some highlights from the current market scenario:
- The global crypto market cap has increased by nearly 3%.
- Bitcoin (BTC) briefly surpassed $65,000 and is currently trading around $64,000.
- Ethereum (ETH) reclaimed the $3,400 mark.
- Other top altcoins like Solana (SOL), Ripple (XRP), and Binance Coin (BNB) are also in the green.
Some analysts attribute the market’s resurgence to external events, such as the recent assassination attempt on Donald Trump. Despite the incident, Trump’s pro-crypto stance and promises to support the industry have helped boost market sentiment.
Hot Take: Stay Informed, Stay Ahead
In the dynamic world of cryptocurrencies, staying informed is key to making informed investment decisions. Keep an eye on developments in the Shiba Inu ecosystem and broader market trends to stay ahead of the curve. Remember, the crypto market is highly volatile, so always do your research before making any investment decisions. Happy trading!
Sources:
By
By
By
By
By