As a seasoned crypto investor with a knack for spotting undervalued gems and the patience to ride out market volatility, I must admit that the recent surge of Shiba Inu (SHIB) has piqued my interest. Having seen my fair share of market cycles, I’ve learned to read between the lines and follow the trends carefully.
On Friday, the value of the cryptocurrency based on dogs, Shiba Inu, exceeded $0.00002 for the first time since mid-June, peaking at $0.00002169 during trading. On Saturday, bulls tried to prolong Shiba Inu’s four-day price increase, with the value reaching a high of $0.00002146.
In an unexpected turn of events, Shiba Inu managed to outshine leading cryptocurrencies in the market, a development that has ignited fervor within the Shiba Inu (SHIB) community. One of the project’s main developers, Kaal Dhairya, showed his excitement by posting on X with the message “Onward SHIB!”, as the token soared.
Dhairya’s tweet emphasizes the growing traction of SHIB, sparked by favorable market trends and rising curiosity within the Shiba Inu community. The fact that SHIB has surpassed $0.000021 is a substantial price jump, as Shiba Inu had been experiencing relatively low price fluctuations in the past few months.
Shiba Inu seeing big rise in discussion rates
Based on Santiment’s analysis, the fervor for altcoins persists as large cap cryptocurrencies experience significant increases in conversation volumes. Shiba Inu is one of the hottest topics fueling market activity.
The chatter about Shiba Inu and related initiatives such as Shibarium has been escalating, which seems to be a significant factor behind its recent increase in value.
Previously, Santiment noted that the on-chain activity of Shiba Inu coin has noticeably escalated in comparison to other altcoins and meme coins. Apart from volume, circulation, and whale transactions hitting their highest levels in over 10 weeks, its social influence has also grown substantially.
According to Santiment, if Shiba Inu is to exceed its previous high of $0.000043 from February, it might be wise for traders to hold off a bit until the intense bullish sentiment cools down slightly.
Currently, Shiba Inu (SHIB) is experiencing a 1.16% increase over the past 24 hours, placing it at $0.00001977. Additionally, SHIB has seen a remarkable weekly surge of 40%. Meanwhile, the Total Value Locked (TVL) in Shibarium has grown to reach an all-time high of $7.03 million.
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2024-09-28 15:51