© Reuters. Up By 68.5%, Shiba Inu Rises To New Heights, As Investors Watch Inflows Explode
Benzinga – by Bibhu Pattnaik, Benzinga Staff Writer.
Meme coin Shiba Inu (CRYPTO: SHIB) is experiencing a monumental surge following last week’s Bitcoin’s (CRYPTO: BTC) impressive climb above the $64,000 threshold.
In the early hours of Saturday, SHIB’s value reached a multi-month peak, showcasing a remarkable 68.5% increase to $0.00002196 and a weekly upswing of 122.8%.
The rally began on Feb. 24 from a low of $0.00000934, with the price climbing sharply on March 1 and 2 and setting the stage for its eighth consecutive day of gains.
This remarkable price hike was accompanied by a 407% increase in 24-hour trading volume, reaching $7.389 billion.
According to on-chain analytics firm Santiment, Shiba Inu’s remarkable ascent places it among the latest meme coins to experience a value surge.
#ShibaInu is the latest #memecoin surging in value after #Dogecoin, #Bonk, #Floki, and #Pepe have all taken their turns in the sun as the work week draws to a close. Track social dominance spikes with each here, as they are crucial in timing the tops. https://t.co/HMUBWWRo8v pic.twitter.com/bSb3HvIGrB
— Santiment (@santimentfeed) March 2, 2024
This rally comes from Shiba Inu’s notable partnership with cryptography firm Zama, which is aimed at developing a new privacy-centric network atop the Shibarium blockchain.
Also Read: This Is What ‘The Big Short’ Fame’s Michael Burry Thinks Of Shiba Inu
SHIB’s rally has positioned the meme coin within a significant accumulation zone, with 437.52 trillion SHIB bought by 170,400 addresses at an average price of $0.000021, potentially providing crucial support in case of price retractions.
Meanwhile, a whale transaction involving the transfer of 3.02 trillion SHIB tokens has heightened interest in the meme coin. The surge is not just a result of market dynamics but also stems from several key developments within the Shiba Inu community.
Notable initiatives such as SHEboshi, the anticipated KNINE launch, and Sharbi’s FETCH bridge are all contributing factors to the growing enthusiasm for SHIB.
Moreover, the dog-themed cryptocurrency has seen an explosive increase in its burn rate, with a 3,0187% rise reported on March 1.
The destruction of 3.75 million SHIB in the last 24 hours has decreased the coin’s supply, further fueling bullish sentiments among investors.
Now Read: Crypto Analyst Warns About Dogecoin, Shiba Inu Amid Uneasy Market: Not An ‘Interesting Buy’
Photo: Shutterstock
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