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Why did the price of Shiba Inu (SHIB) increase today?
The popular meme coin, Shiba Inu (SHIB), has been one of the top 20 best-performing cryptocurrencies over the past seven days, with its price increasing by more than 17% (according to data from CoinGecko).
It has seen a 7% increase in 24 hours and in the following lines we will outline the possible reasons behind this impressive rally.
The Progress of Shibario
The further advancement of the layer-2 blockchain solution, Shibarium, could be one of the catalysts. Active accounts on the network have pointed by around 25% over the course of 24 hours, while daily transactions increased by 35%, exceeding 4,300.
Shibarium was officially launched last August. It is designed to promote the development of the Shiba Inu ecosystem by improving speed, reducing transaction costs, and enhancing scalability.
It has achieved several important milestones in recent months. For example, the total number of blocks elaborate on the protocol has surpassed 5.5 million, while the total number of transactions is approaching 420 million.
It has also undergone two major updates. In mid-April, the team introduced a new user interface (UI) update, which describes it as “faster, smoother, and more accessible than ever.” Its goal is to improve compatibility with popular self-custody wallets, including Coinbase Wallet, MetaMask, and Trust Wallet.
Shortly after, the developers launched another update to empower the innovator community, improve user experience, and implement faster block processing times.
For more updates on the ecosystem, be sure to check out our Shibarium News Section.
Whales on the move
Another key Shiba Inu metric that has skyrocketed in the past 24 hours is the aggregate daily volume, with each transaction exceeding $100,000. According to IntoTheBlock, the figure is overcome $35 million, up 95% from the previous day.
An increase in whale activity can significantly impact the SHIB price. When such large investors accumulate a substantial amount of holdings, it could lead to increased confidence among other industry participants and positive market sentiment. This could attract additional investors, while the potential influx of new capital could trigger a further rally.
The Green Cryptocurrency Market
SHIB’s latest price recovery coincides with a rally in the broader cryptocurrency space. The global cryptocurrency market cap is up nearly 3% for the day, currently sitting at over $2.47 trillion.
For the first time in nearly a month, Bitcoin (BTC) briefly broke above $65,000 and is currently trading around $64,000.
Ethereum (ETH) has reclaimed the $3,400 mark, while other major altcoins, such as Solana (SOL), Ripple (XRP), Binance Coin (BNB), and many others, are also on the rise.
Some attribute the market recovery to the assassination attempt on Donald Trump. The presidential candidate was shot at during a public speech in Pennsylvania on July 13, but fortunately the bullet grazed his ear and his life is out of danger.
He recently made a U-turn, described He has portrayed himself as the right choice for pro-cryptocurrency voters, promising to help the sector thrive and boost American efforts in BTC mining.