Ezra Icy
Shiba Inu price is halfway to reaching its all-time-high value after the 60% surge within a day. Many meme coins are performing well in the past few days, where some have recently peaked and crossed the ATH value and have surged their weekly trading volume by 3000%. Shiba Inu can be considered one of the top-performing meme coins because of this recent surge.
This blog will cover why SHIBA’s price surged, its market performance, and whether to buy or sell.
Shiba Inu Price Analysis
SHIB is presently trading at $0.00003922, with a 70% surge in its prices from yesterday. It hasn’t just spiked in one day because compared to a week’s data, SHIB’s price is up by 283%. On 28 February it was trading at $0.00001082 with a trading volume of $617.67 Million. This meme coins trading volume has surged vastly in this duration, as currently, it is at $13,338,944,678 with a hike of 312%.
SHIB is currently ranked 10th on the coinmarketcap, with its market cap of $22,869,329,619 after a surge of 66%. This surge has pushed Shiba Inu back into the list of most popular cryptocurrencies, where its valuation has reached $25 Billion. It’s closer to the Dogecoin valuation at $27 Billion.
Why Shiba Inu Is Rising?
Shiba Inu is the second largest meme coin after Dogecoin, also known as “Dog-Killer.”Several meme coins have gained attention recently due to their outstanding success, including Dogecoin, Bonk, and Floki Inu. That resulted in the bullish market for many other meme coins, including SHIB.
Another major factor is increased buying tendency in the market. According to Spot-On-Chain, the founder of MakerDAO, Rune Christensen, recently bought 7.41 Billion SHIB worth 100K USDC on 1st March, said to be the reason for an initial 60% hike. Soon after, he again bought 17.629B $SHIB with 400K $USDC, which led to a 20% more hike.
The last reason attributed to the surges is the news of the debut of the Shib Name Service (SNS) 1.1 version. It allows its holders to get personalized tokens.
Here, the users can customize their web3 identity with gamertags and digits, designed to initially incorporate SSI (Self Sovereign Identity) into Shiba’s projects. 1 November 2024 is the designated date for SHIB Identity’s first step.
Conclusion
Shiba Inu price has continuously risen for almost a week when a hike of 283% was recorded. At the time of writing, the peak seems like slipping a little after a peak of $0.00004438 earlier. It has to see how this graph will move against all the odds. Whether it will fall after closing the hike. Read more about should meme coins be part of your investment portfolio in 2024.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
