Why did the price of Shiba Inu (SHIB) rise today? What are the underlying factors driving the rise in SHIB's value?
Shibarium was officially launched in August last year. It aims to promote the development of the Shiba Inu ecosystem by improving speed, reducing transaction costs, and enhancing scalability.
In the past few months, it has achieved many major milestones. For example, the total number of blocks processed on the protocol has exceeded 5.5 million, while the total number of transactions is gradually approaching 420 million.
It has also undergone two important upgrades. In mid-April, the team launched a new user interface (UI) update that it said was "faster, smoother, and more accessible than ever before." Its goal is to enhance compatibility with popular self-custodial wallets, including Coinbase Wallet, MetaMask, and Trust Wallet.
SHIB's latest price recovery coincides with the rise of the broader cryptocurrency sector. The global cryptocurrency market capitalization rose nearly 3% on the day and currently exceeds $2.47 trillion.
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Bitcoin (BTC) briefly broke above $65,000 for the first time in nearly a month and is currently trading around $64,000.
Ethereum (ETH) has recaptured the $3,400 mark, while other leading altcoins such as Solana (SOL), Ripple (XRP), Binance Coin (BNB), etc. have also performed well.
