The leading meme coin shiba inu (SHIB) is up over 18% in the last 24 hours. The trading volume increased by 93.45% and the market cap rose to $1,012,222,402. SHIB, on the other hand, is trading at $0.00001414 per token. The token has finally broken through the $0.000011-0.000012 price range.
This breakout helped the Shiba Inu price bounce amid increasing selling pressure. A break in this key barrier could target $0.000151. If the breakout continues, strong support is located at $0.0000108 in case SHIB price pulls back.
Why Is the Shiba Inu Rising?
Koinfinans.com As we reported, Shiba Inu has added a new feature that allows its users to make anonymous transactions through the “Bermuda Privacy dApp”. This, meme coin This means that transfers can be handled similarly to other privacy coins on the market such as ZCash and Monero. As a result, the SHIB recipient only sees the dApp address during the transfer, without revealing the sender’s personal wallet address.
Shibarium Launch Coming?
Community,”shibarium“layer-2 has been waiting for its launch for some time. This seems to be another reason for the rise in price.
“We are getting close to the finishing touches for the Beta of Shibarium and its imminent release,” Shiba Inu developers commented. They also added, “Patience is key and some see Shibarium as a price pumping tool, but that is not the focus of the project and never has been.”
DOGE and BONE Rising Too
Other dog-themed meme coins have also seen the price increase. Dogecoin, the original Shiba Inu-themed coin, increased by 7.15% last week, while Shibarium’s gas token BONE, which experienced a huge price increase at the beginning of January, increased by 11.47% in the last 24 hours.
You can follow the current price action here.