Shiba Inu Surges 60% On Volume — What’s Driving The Meme Coin Higher

Published:

Shiba Inu SHIB/USD, a popular cryptocurrency, witnessed a huge spike on Sunday morning, making waves in an otherwise dull weekend in the crypto space.

What Happened: Shiba Inu, a crypto named after the Japanese hunting dog, closed Friday’s session at $0.00001097 and traded in the $0.00001092-$0.00001121 range on Saturday, before settling at $0.00001111.

The meme token began Sunday’s session higher at $0.00001126 and increased to $0.00001158, representing a 3.21% surge, as per Benzinga Pro data. Further adding to the upward momentum, the 24-hour volume jumped more than 60% to $347.03 million and the market cap rose 3% to $6.84 trillion.

For the year-to-date period, the crypto has surged a whopping 44%.

SHIB’s gain is even more impressive when compared with the performance of major cryptos like Bitcoin BTC/USD and Ethereum ETH/USD, which have been relatively stable. At the time of writing, Shiba Inu’s cousin Dogecoin DOGE/USD was down 0.54%.

What’s Next: The surge in Shiba Inu is driven by the promise of the layer-2 scalability platform Shibarium, which is expected to facilitate faster and more efficient transactions. Shibarium is also likely to enable the development of additional meme coins to be used for transactions in the SHIB ecosystem, elevating the coin’s utility and adoption.

Check Out: Is Shiba Inu (SHIB) A Good Investment

Photo: Shutterstock

Related articles

Recent articles