Shiba Inu (SHIB), a popular meme coin, has recently performed impressively among the top 20 cryptocurrencies.
It saw a significant 17% price increase over the past week and a 7% rise in just 24 hours, according to CoinGecko. This surge in SHIB’s price is attracting market attention and is driven by recent advancements in its ecosystem.
Shiba Inu’s Recent Rally Driven by Shibarium Developments
A key factor behind Shiba Inu’s recent price surge is the ongoing development of Shibarium, its layer-2 blockchain solution. Shibarium has experienced a significant increase in activity, with active accounts rising by about 25% in just one day and daily transactions growing by 35% to over 4,300. Launched last August, Shibarium aims to enhance the Shiba Inu ecosystem by improving transaction speed, reducing costs, and increasing scalability.
Shibarium has achieved notable milestones, processing over 5.5 million blocks and approaching 420 million total transactions. In April, two major upgrades were implemented: a new user interface (UI) designed to be faster and more accessible, especially with popular self-custody wallets like Coinbase Wallet, MetaMask, and Trust Wallet, followed by an update focused on fostering innovation, enhancing user experience, and speeding up block processing.
Shiba Inu’s Price Surge Driven by Whale Activity and Market Trends
Shiba Inu’s (SHIB) recent price increase is partly due to a rise in whale activity. Transactions over $100,000 saw daily volumes exceed $35 million, a 95% increase from the previous day, according to IntoTheBlock. Such large transactions often boost market confidence, attracting new investors and driving further rallies.
SHIB’s upward movement aligns with a broader market resurgence. The global cryptocurrency market cap has risen by nearly 3% to over $2.47 trillion. Bitcoin (BTC) has surpassed $65,000, and Ethereum (ETH) has reclaimed $3,400. Other major altcoins, including Solana (SOL), Ripple (XRP), and Binance Coin (BNB), have also seen significant gains. Analysts attribute this market optimism to recent geopolitical events, such as the assassination attempt on former U.S. President Donald Trump, which has led to renewed pro-crypto rhetoric and promises to support BTC mining efforts in America.
In summary, Shiba Inu’s impressive price momentum is fueled by Shibarium’s progress, increased whale activity, and a positive market environment. As the cryptocurrency ecosystem evolves, investors will closely watch SHIB’s performance and its ability to sustain these gains
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
