- The Shiba Inu token (SHIB) witnessed an impressive surge in its price, triggering a remarkable 260% rise in high-value transactions over the past day.
- The community speculates that the rise could be driven by expectations around the impending launch of Shibarium, an exciting new development in the Shiba Inu universe.
Record-Breaking SHIB Transactions Amid Price Spike
The cryptocurrency landscape has been awash with excitement as SHIB, the token of the Shiba Inu community, experiences an impressive price surge. Crypto analytics platform IntoTheBlock reports a staggering 260% increase in large transactions linked to SHIB. These are transactions valued at a minimum of $100,000, which have seen a sudden increase of $27 million over a 24-hour period, pushing the total SHIB transactions to an astounding 5.25 trillion.
#SHIB #1 https://t.co/czFWdJsrgX
— Shibburn (@shibburn) July 29, 2023
The Shibarium Anticipation Effect
This dramatic uptick seems to have been precipitated by the SHIB token’s notable price performance, witnessing an incredible 13% surge, its highest value in the previous two months. As the SHIB market capitalization swelled by an astonishing $500 million, various factors are speculated to have triggered this trend.
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One possible driver could be the ongoing conversations around Dogecoin (DOGE), and potential developments regarding crypto payments on the platform previously known as Twitter. The community’s anticipation around the launch of Shibarium, a Layer-2 solution that promises to offer a faster, cheaper alternative to the Ethereum network, could also be fuelling the current SHIB craze.
As anticipation mounts for the Shibarium launch, so does the interest in the SHIB token, with investors keenly observing for further developments that could propel the token to even greater heights. The Shibarium project recently made strides with the introduction of its Beta Bridge for public testing.
While the launch date for Shibarium remains undisclosed, the Shiba Inu community’s excitement is palpable. However, despite this optimistic backdrop, tokens like BONE and SHIB remain distant from their previous highs in 2021.
The question on everyone’s mind is whether the current SHIB rally will sustain its momentum as the ‘Summer of Shibarium’ approaches. Only time will tell.
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