Why is the price of Shiba Inu (SHIB) going up today?

The popular meme coin Shiba Inu (SHIB) has been one of the 20 best performing cryptocurrencies in the last seven days, and its price has increased by more than 17% (according to data from CoinGecko).

It witnessed a 7% increase in 24 hours, and in the following lines, we will explain the possible reasons for the impressive rally.

The progress of Shibarium

The subsequent advancement of the Layer 2 blockchain solution, Shibarium, could be one of the catalysts. Active accounts on the network have increased by approximately 25% in a 24-hour period, while daily transactions have increased by 35% to over 4,300.

Shibarium officially saw the light last August. It is designed to foster the development of the Shiba Inu ecosystem by improving speed, reducing transaction costs and improving scalability.

In recent months, he has achieved numerous important milestones. For example, the total number of blocks processed in the protocol has exceeded 5.5 million, while the total number of transactions is close to 420 million.

It also underwent two major upgrades. In mid-April, the team unveiled a new user interface (UI) update, describing it as “faster, smoother, and more accessible than ever.” It aims to improve compatibility with popular self-custodial wallets such as Coinbase Wallet, MetaMask and Trust Wallet.

Shortly after, the developers released another update to empower the community of innovators, improve the user experience, and implement faster block processing times.

For more updates on the ecosystem, be sure to check out our Shibarium News section.

Whales in motion

Another essential metric related to Shiba Inu that has skyrocketed in the last 24 hours is aggregate daily volume, where each transaction exceeds $100,000. According to IntoTheBlock, the number has exceeded $35 million, which is a 95% increase from the previous day.

An increase in whale activity can significantly affect the price of SHIB. When these large investors accumulate a substantial amount of holdings, it can increase confidence among other industry participants and positive market sentiment. This could attract an additional number of investors, while the potential flow of fresh capital could trigger a further recovery.

The green crypto market

SHIB’s latest price resurgence coincides with a surge in the broader cryptocurrency sector. The global crypto market capitalization is up nearly 3% on the day, currently over $2.47 trillion.

Bitcoin (BTC) briefly broke above $65,000 for the first time in nearly a month, currently trading around $64,000.

Ethereum (ETH) regained 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 revival to Donald Trump’s assassination attempt. The presidential candidate was shot during a public speech in Pennsylvania on July 13, but fortunately the bullet grazed his ear and his life is safe.

He recently made a U-turn, describing himself as the right choice for pro-crypto voters, promising to let the industry thrive and boost US BTC mining efforts.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!