In an astonishing turn of events, Shiba Inu (SHIB), once dismissed as a simple boring coin, has risen to the 11th rank in terms of market cap, firmly establishing itself as more than just a meme-based entity. The coin has shattered the $6 billion milestone, lending credence to its claims of substantial value. Impressively, SHIB’s market valuation has skyrocketed by as much as 32%.
Adding to the fervor, outstanding interest doubled to a remarkable $101.65 million, the highest since Feb. 5.
Shib Inu Price Analysis
According to recent market reports, SHIB’s market cap has now reached a staggering $6,388,003,624 accompanied by a robust trading volume of $593,528,650. This increase in market activity is mainly due to a significant influx of investment into this cryptocurrency with a focus on memes. Notably, within just 24 hours, the dog-themed coin has witnessed a remarkable 8.15% increase.
SHIB continues its upward trajectory and has experienced a significant 20% increase in value over the past week. This consistent progress brings the coin closer to the coveted $1, currently trading at $0.00001083. Worth noting is the astounding interest from investors resulting in a whopping 1,194% increase in inflows as major investors have accumulated Shiba Inu coins.
Read more: SHIB Price Analysis: As Golden Crossover approaches, SHIB is poised for a 15% jump!
The hype for Shibarium never stops!
What now? Mark August 15-16 in your calendar as the highly anticipated “Summer of Shibarium” will make its debut at the Blockchain Futurist Conference in Toronto, Canada. Expectations are high with Shibarium as a layer-2 security, and investors are hoping the event will take its meme coin tag away. These positive changes leading up to the event are very important as SHIB will be one of the main sponsors of the event.
Pseudonymous leader Shytoshi Kusama will also give a speech at the event using AI technology to mask his identity. Shibarium is a long-awaited Layer-2 solution, and three new “partnerships” have been drafted, one of which has already been signed, according to Kasuma. These will witness an influx of valuable experts, as announced by Shytoshi in a Telegram post. The other two partnerships are also expected to be announced soon.
Read more: SHIB price analysis: is there a 23% jump for Shiba Inu this month?
Is Kasuma playing a prank on Elon Musk?
According to Kasuma, both SHIB and Shibarium stand as monumental entities within the blockchain realm. Their unique stature is inimitable, making attempts to replicate their success futile. In particular, Kasuma’s recent statement, in which “SHIB>X” seemingly opposes Elon Musk’s social media app, was clarified as a warning against copying Shibarium, with no correlation to the “X”.
What do you think of SHIB’s recent price hike? Do you think it has the potential to hit $1?
