Shiba Inu (SHIB) Catches the Eye With 7% Jump As Volume Rises Over 100%

The price of Shiba Inu (SHIB) rose 7% early Monday as the crypto market attempted to shake off a bearish weekend performance. In the hours leading up to press time, SHIB rose as high as $0.0000238, its highest value since Friday.

Alongside the price jump, Shiba Inu’s market cap briefly touched the $14 billion mark, reducing the gap between SHIB and its closest market cap rival, Cardano, valued at $16 billion. The asset’s trading volume also rose significantly, with over $430 million worth of SHIB traded on exchanges within the past 24 hours.

Why Is Shiba Inu Rising?

The rise of Shiba Inu’s price within the past 24 hours is largely attributable to improved crypto market sentiment. As mentioned earlier, all major assets have started strongly this week, with Bitcoin briefly trading above $63,000. Most Shiba Inu competitors, including Dogecoin, PEPE, BONK, and Dogwifhat, have also seen notable increases, although Shiba Inu firmly leads the pack.

Meanwhile, it is noteworthy that increased adoption of Shiba Inu’s layer-2 solution, Shibarium, and regular token burns across the Shiba Inu ecosystem might have contributed to the token’s price rise, albeit to a lesser degree. For instance, data from Shibburn shows that 200 million SHIB tokens were burned in the past seven days, representing a 338% increase.

HOURLY SHIB UPDATE$SHIB Price: $0.00002255 (1hr 0.43% ▲ | 24hr 0.23% ▲ )
Market Cap: $13,280,401,166 (0.17% ▲)
Total Supply: 589,273,648,402,449

TOKENS BURNT
Past 24Hrs: 30,384,330 (-26.39% ▼)
Past 7 Days: 200,591,910 (338.84% ▲)

— Shibburn (@shibburn) May 12, 2024

Additionally, the Shiba Inu community anticipates that a sleuth of recent changes to Shibarium might make it easier for users of popular wallets such as Metamask and Trust Wallet to access the layer-2 network. In an ever-competitive landscape for layer-2s, Shibarium boasts an average of 100,000 active users.

It remains to be seen whether the recent upgrades and increase in price will attract more users to the Shiba Inu ecosystem. In the meantime, the signs are positive, and the Shiba Inu army remains confident that sustained market uptick will put the second largest memecoin back in content to rival Dogecoin for the top crown.