In the past 24 hours, the second largest meme coin, Shiba Inu (SHIB), has taken off. The cryptocurrency has seen an uptick of up to 20 percent. So why did the Shiba Inu price increase? Here are the details…
Shiba Inu price skyrocketed: Here’s why
The second-largest cryptocurrency in the cryptocurrency market has seen huge gains in the last 24 hours, with its price increasing by 18.21 percent and trading volume by 93.45 percent. It now stands at $1,012,222,402. This breakout helped the Shiba Inu price rise amid increasing selling pressure. A break of this key hurdle could target $0.000151 and if the break continues, the strong support seems to rise at $0.0000108 if SHIB price declines.
Overall, Shiba Inu (SHIB) in early 2023 saw a 45 percent growth in January, providing a slight rebound in the market. This was largely attributed to the token burning and whaling movements that sparked interest among the altcoin meme community. Moreover, cryptocoin.com As we reported, the token on the Ethereum network is taking steps to increase its scalability.
Shiba Inu has added a new feature that allows SHIB users to make anonymous transactions through the Bermuda Privacy dApp. This means that meme coin transfers can perform similarly to other privacy coins in the market such as ZCash and Monero. As a result, the SHIB recipient only sees the dApp’s address during the transfer, without revealing the sender’s personal wallet address.
Shibarium is also one of the developments behind the rise
Also, the anticipated launch of “Shibarium” is one of the reasons for the Shiba Inu price increase. In a blog post, the Shiba Inu developers wrote, “We are getting close to the finishing touches for the Beta release of Shibarium and its imminent availability.” He also added, “Patience is key and some see Shibarium as a price pump, but that is not the focus of the project and never has been.” This innovative development aims to solve the current challenges of slow transactions and high gas fees experienced by SHIB holders.
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