Shiba Inu (SHIB) has experienced a significant price surge recently, making it one of the top-performing cryptocurrencies in the market. The price of SHIB has increased by over 17% in the past seven days, with a 7% jump in just 24 hours. Let’s take a closer look at the key factors that may have contributed to this impressive rally.
One of the factors that could have impacted SHIB’s price surge is the progress of Shibarium, a layer-2 blockchain solution designed to enhance the Shiba Inu ecosystem. The number of active accounts on the network has increased by approximately 25% in the span of 24 hours, with daily transactions rising by 35% to over 4,300. Shibarium, which was launched last August, aims to improve speed, lower transaction costs, and enhance scalability within the ecosystem. The platform has achieved significant milestones in recent months, including processing over 5.5 million blocks and nearing 420 million transactions. Two crucial upgrades have also been implemented to improve user experience and block processing times.
Another important metric to consider is the increase in whale activity within the SHIB ecosystem. The aggregated daily volume of transactions exceeding $100,000 has surged by 95% in the past 24 hours, reaching over $35 million. Whale activity can have a significant impact on SHIB’s price, as it may attract more investors and lead to positive market sentiment.
Additionally, the recent price resurgence of SHIB coincides with a general uptick in the broader cryptocurrency market. The global crypto market capitalization has increased by nearly 3%, with Bitcoin briefly surpassing $65,000 and Ethereum reclaiming the $3,400 mark. Other altcoins like Solana, Ripple, and Binance Coin are also experiencing gains. Some analysts attribute the market’s revival to external factors, such as the recent assassination attempt on Donald Trump. The incident has led to increased interest in cryptocurrencies, with Trump expressing support for the industry and promising to boost America’s BTC mining efforts.
In conclusion, the price surge of Shiba Inu (SHIB) can be attributed to various factors, including the progress of Shibarium, increased whale activity, and the overall positive momentum in the cryptocurrency market. As always, investors should conduct thorough research and consider the risks involved before making any investment decisions.