Shiba Inu, the second-largest meme coin, has experienced a remarkable surge in price, driven by positive triggers and its upcoming “Summer of Shibarium” event. Within just two days, the token witnessed a staggering 600% increase in major transactions valued at $100,000 or more. This surge has left many wondering what’s fueling the excitement and if it’s justified, especially when compared to Ethereum’s struggles despite several upgrades.
Let’s delve into the main factors behind Shiba Inu’s meteoric rise.
The Fervor of “Summer of Shibarium”
Renowned for its playful and meme-inspired nature, Shiba Inu is currently riding a bullish wave, fueled by the anticipation of its upcoming “Summer of Shibarium” event. This event promises to unveil Shibarium, a groundbreaking Layer-2 solution that aims to enhance the cryptocurrency’s capabilities. The community’s excitement surrounding this imminent event has led to a remarkable increase in large SHIB transactions.
Impressive Transaction Growth
According to data from IntoTheBlock, a leading blockchain analytics platform, transactions involving SHIB valued at $100,000 or more have witnessed a stunning surge. In just 24 hours, these high-value transactions recorded an astounding growth of $91 million, representing the 600% spike. The total exchange of 8.71 trillion SHIB tokens during this period marks a significant milestone in the cryptocurrency’s journey.
Read More: SHIB Price Analysis: Is a 23% Leap on the Cards for Shiba Inu This Month?
Resilience in Challenging Conditions
One key factor behind SHIB’s surge lies in its resilience during oversold conditions. Despite experiencing a prolonged drop in price, SHIB managed to attract bullish traders eager to drive its value upward. This ability to rebound, even in challenging market scenarios, contributed to the current hype around the token.
In a market full of new memecoins, Shiba Inu stands out for its consistent performance and comparatively stable price trends. While other tokens like PEPE and BALD faced challenges, SHIB maintained a more reliable trajectory, boosting investor confidence. Its reliability has made SHIB an appealing choice for those seeking a secure investment in the volatile crypto space.
It’s a Fan Favourite!
With a recent 6% spike in price, reaching $0.0000096 within 24 hours, Shiba Inu is undeniably capturing the attention of traders and investors alike. As the “Summer of Shibarium” event approaches, excitement and curiosity surrounding Shiba Inu’s future continue to mount.
Related: Shiba Inu News: Shibarium Puppynet Reaches 16 Million Wallet Addresses, 15M Transactions and Counting