Friday’s trading session revealed that dog-themed cryptocurrency Shiba Inu (SHIB) exceeded the $0.00002 price point for the first time since mid-June.
The price of SHIB shot to $0.00002169, then dropped somewhat to $0.00002146 during Saturday’s trading session. This was a notable four-day surge for the popular meme coin, which has lately outpaced numerous leading cryptocurrencies on the market.
The surprising price movement has energized the SHIB community. Kaal Dhairya, one of Shiba Inu’s main developers, posted his enthusiasm, writing “Go SHIB Go!” on social media platform X, when the value of the token skyrocketed.
Shiba Inu On-Chain Surge
Driven by recent favorable market trends and a growing awareness of the Shiba Inu ecosystem, Dhairya’s piece highlights the mounting momentum behind SHIB. Given that the token had modest price activity in past months, SHIB’s latest rise above $0.000021 is impressive.
Along with a rise in value, conversations about the Shiba Inu project and associated initiatives especially Shibarium, a layer-2 solution meant to boost SHIB’s scalability and transaction speed have surged.
Santiment claims, Shiba Inu is one of the most popular initiatives influencing the current cryptocurrency market. Big altcoins like SHIB have seen more conversation, which helps to explain why their value is rising. With volume, circulation, and whale transactions reaching 10-week highs, on-chain activity for SHIB has also greatly surged.
Experts at Santiment caution traders to expect SHIB to surpass its $0.000043 year-high achieved in February despite the current trend. They advise traders to wait for the exceptionally bullish attitude to fade somewhat before any more upward movement.
Shiba Inu’s price at the time of writing is $0.00001977; it has increased 1.16% over the past 24 hours and 40% over the week. Shibarium’s total value locked (TVL) has climbed to $7.03 million, surpassing all-time highs in the process.
