Shiba Inu (SHIB) has gained significant traction and secured a place among the top four trending assets on CoinMarketCap (CMC), a leading price-tracking resource in the cryptocurrency world.
The Shiba Inu community, represented by the prominent SHIB Knight, proudly revealed this achievement, highlighting SHIB’s remarkable performance in the last 30 days. Within the trending list, Shiba Inu stands tall, positioned just below STMX, Bitcoin (BTC), and Terra Classic (LUNC).
SHIB Knight shared a snapshot of CoinMarketCap’s top cryptocurrency rankings, capturing the moment when SHIB’s price demonstrated a noteworthy increase of over 1% within the past seven days, reflecting a similar price movement to that of Bitcoin (BTC).
Shibarium Launch Fuels Shiba Inu’s Popularity Surge
The growing popularity of SHIB can be attributed, in part, to the imminent launch of Shibarium, the highly anticipated SHIB layer-2 scaling solution. A member of the Shiba Inu community expressed their belief that the rising interest in SHIB stems from the forthcoming launch of Shibarium.
This sentiment aligns with the earlier announcement made by Shytoshi Kusama, the lead developer in the Shiba Inu ecosystem, who revealed in May that the launch of Shibarium was approaching faster than expected. Recently, Kusama also shared the launch strategy for Shibarium, offering a glimpse of the upcoming launch date.
Coinciding with SHIB’s notable achievement on CoinMarketCap, an influential whale in the SHIB market has acquired billions of SHIB tokens. The significant whale increased their SHIB holdings by over $1.22 million in a single transaction. This accumulation further strengthens the overall sentiment surrounding SHIB and adds to its growing momentum.
Additionally, the Shiba Inu network has experienced a remarkable surge in daily addresses during the second quarter of this year, as revealed by IntoTheBlock. These metrics indicate a substantial increase in investor interest, accompanied by a surge in social volume, all amplified by the anticipation surrounding the impending launch of Shibarium.
As of now, SHIB is being traded at $0.00000777, registering a 2% increase in the past seven days. However, the asset has experienced a 10.06% decline over the last 30 days. In the short term, Shiba Inu aims to reclaim the $0.000008 price territory, with the ultimate goal of surpassing $0.00001.
The popularity of Shiba Inu (SHIB) continues to grow, attracting attention as it secures a place among the top trending assets on CoinMarketCap. With the imminent launch of Shibarium and notable whale accumulation, coupled with increased investor interest and network activity, the future appears promising for this dynamic cryptocurrency.