- Shiba Inu rose by 16%in the last 48-hours, and the reason behind it is extremely bullish.
- Shiba Inu supporters might have to be even more patient as Shibarium’s launch date remains a mystery.
Saturday 4th, Shiba Inu is breaking past market limitations with ease. The memecoin is one of the most talked about in the industry, and the reason why is more and more evident each day. Shiba Inu has very recently secured new gains, going up to 16% in the last 48 hours.
Shiba Inu’s metrics on our data is showing that the memecoin and Dogecoin rival has raked in gains going above 20% in the last 7 days. Shiba Inu hit a high of $$0.00001457 earlier today. At press time, Shiba Inu’s price is sitting at $0.0000142.
Shiba’s unparalleled run has elicited a response from David Gokhshtein, a crypto opponent who noted that Shiba Inu is seeing a meteoric rise in price.
$SHIB is moving fast. 🔥
— David Gokhshtein (@davidgokhshtein) February 4, 2023
Shiba Inu’s performance in 2023 is quite notable among traders and investors alike. Shiba Inu, like many other altcoins in the market, was not spared by the bears last year. Shiba Inu went on to close in December 2022 with a price of $0.000008087.
Since 2023, Shiba Inu’s gains continued to increase, and the meme coin is now close to unseating Polkadot (DOT). With a market cap of $7.83 billion, Shiba Inu could take Polkadot’s position. Polkadot is currently the 12th most valued crypto, with a market cap of $8.03 billion. With Shiba Inu’s trading volume overshadowing DOT’s, Shib could easily claim that position in the weeks ahead.
Shibaruim’s launch is boosting Shiba Inu’s massive price pump
The leading factor behind Shiba Inu’s sky-high rise is not at all a mystery. A close look into the market shows that the market is talking endlessly about the launch of Shibarium.
Shibarium, the Layer 2 protocol that has been the topic of conversation among Shiba Inu fans, is a major driving force in the Shiba Inu price rally.
Whale interest in Shiba Inu has increased over time. It appears that top ETH holders are working hard to get a piece of the pie, ahead of Shibarium’s launch.
This is no doubt driving the price of Shiba Inu. The interest in the memecoin after the launch of Shibarium could surge as a result. More investors might also enter the Shiba Inu market, and send prices even higher.
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However, the Shibarium upgrade might be delayed yet again. The market anticipated that the launch would go down on February 14th. This was after the lead developer of the project Shytoshi Kusama.
Kusama changed his bio, saying he would “put Shibarium in a heart-shaped box with a bow.” The post has since been wiped off his bio and Shib fans remain expectant for the upcoming weeks.