Why is the Shiba Inu (SHIB) Price Up Today?
The popular meme coin – Shiba Inu (SHIB) – has been one of the best-performing top 20 cryptocurrencies in the past seven days, with its price jumping by over 17% (per CoinGecko’s data).
It witnessed a 7% increase in 24 hours, and in the following lines, we will outline the possible reasons behind the impressive rally.
Shibarium’s Progress
The further advancement of the layer-2 blockchain solution – Shibarium – could be one of the catalysts. Active accounts on the network have spiked by approximately 25% in the span of 24 hours, whereas daily transactions have risen by 35% to over 4,300.
Shibarium officially saw the light of day last August. It is designed to foster the development of the Shiba Inu ecosystem by improving speed, lowering transaction costs, and enhancing scalability.
In the past several months, it has achieved numerous major milestones. For instance, the total number of blocks processed on the protocol has surpassed 5.5 million, while the total number of transactions is inching toward 420 million.
It also underwent two important upgrades. In mid-April, the team introduced a new user interface (UI) update, describing it as “faster, smoother, and more accessible than ever.” Its goal is to enhance compatibility with popular self-custody wallets, including Coinbase Wallet, MetaMask, and Trust Wallet.
Shortly after, the developers launched another upgrade to empower the community of innovators, improve user experience, and implement quicker block processing times.
For more updates on the ecosystem, make sure to check out our Shibarium news section.
Whales on the Move
Another essential Shiba Inu-related metric that has soared in the past 24 hours is aggregated daily volume, where each transaction exceeds $100,000. According to IntoTheBlock, the figure has exceeded $35 million, representing a 95% increase compared to the one observed the day before.
An uptick in whale activity can significantly affect the SHIB price. When such large investors accumulate a substantial amount of holdings, it might lead to increased confidence among other industry participants and positive market sentiment. This could attract an additional number of investors, while the potential flow of fresh capital might trigger a further rally.
The Green Crypto Market
SHIB’s latest price resurgence coincides with an uptick in the broader cryptocurrency sector. The global crypto market capitalization is up nearly 3% for the day, currently standing at over $2.47 trillion.
Bitcoin (BTC) briefly pumped above $65,000 for the first time in almost a month, currently trading at around $64,000.
Ethereum (ETH) reclaimed the $3,400 mark, while other leading altcoins, such as Solana (SOL), Ripple (XRP), Binance Coin (BNB), and many more, are also well in the green.
Some attribute the market’s revival to the assassination attempt on Donald Trump. The presidential candidate was shot at during a public speech in Pennsylvania on July 13, but fortunately, the bullet scraped his ear, and his life is out of danger.
He recently made a U-turn, described himself as the right choice for pro-crypto voters, promising to let the industry thrive and increase America’s BTC mining efforts.
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