Over the weekend, the value of Shiba Inu coin increased by a solid 15 percent. This cryptocurrency is making a name for itself in the world of finance and is not just another coin begging attention. The recent increase has raised the question: Does it have the ability to perform well in a bear market – or is it just noise?
Data from the crypto market tracker indicates that, at the time this article was written, the meme coin was trading for $0.0000097, a 9.2% increase over the past 24 hours. According to Coingecko, the highlight of SHIB’s impressive upward trajectory was in the seven-day timeframe, with a 15.1% rally and a 24-hour volume increase of 236% to $683 million. Its market capitalization also increased by 12.3%, to $5.81 billion.
The price boost is attributed to Binance’s “Flexible Loans” feature, which allows users to deposit SHIB and receive loans. This has led to an increase in the coin’s value as it lends it more credibility than the meme that inspired its creation.
The intersection of social media trends, technological advancement, and institutional acceptance has proven to be a powerful driving force for meme coins like SHIB.
Ahead of the launch of Shiba Inu’s blockchain initiative Shibarium, there has been a growing interest in cryptocurrencies. This alternative is expected to be a faster, more energy-efficient version of Ethereum and will reduce the total supply of fuel by burning.
Recent data from social analytics platform LunarCrush showed that SHIB had achieved the highest total social and market activity of all cryptocurrency exchanges. The tweet from LunarCrush also revealed that Bitcoin’s market was much smaller than the entire crypto-market.
The remarkable achievement by SHIB is due to its growing market influence and impressive social engagement. The coin has surpassed 4,481 other coins to claim the number one position on AltRank, and has seen a surge of activity in the last 24 hours with 200.365.743 social interactions recorded.
This article should not be taken as investment advice. Investing involves risks, and when you invest your capital, it is at risk. Featured Image from K9 Mine.