The meme cryptocurrency Shiba Inu SHIB/USD has seen an impressive rise during Saturday’s trading session.
What’s Occurring: At the time of writing, the Dogecoin DOGE/USD sibling was trading up by 2.73% to $0.000011, according to Benzinga Pro data. This marked a rebound from the $0.00001108 level it had reached around 8:55 a.m. EDT.
The rally was also accompanied by a surge in volume, which increased by 33.93% over the past 24 hours to $216.26 million. Market cap rose 2.85% to $6.49 billion.
Shiba closed out Friday’s session at $0.00001085.
Shiba’s sharp climb has been quite noticeable, particularly since other major cryptocurrencies are seeing subdued trading. At the time of writing, Bitcoin BTC/USD, the apex crypto, was only up 0.11% to $29,428.49 and Dogecoin was flat at $0.07655.
Find Out More: Is Shiba Inu (SHIB) A Smart Investment?
Why This Matters: Cryptocurrencies have made a strong comeback in 2021, as the appetite for risk for them has picked up following a dismal 2022. Recent bank runs have worked in favor of digital currencies, as decentralized funds are seen as viable alternatives to fiat money in times of turbulence.
Shiba Inu is anticipated to gain momentum from the development of Shibarium, a blockchain platform that is expected to function as a decentralized platform for trading Shiba and other coins belonging to the Shiba ecosystem.
See Also: An Analyst Predicts An Incredible Increase For Dogecoin — Here’s Why
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