The Shiba Inu cryptocurrency demonstrated resilience against broader market downturns, reaching the week’s highest price point. Contrary to the typical trend observed in March, where other meme-based digital currencies saw larger gains, Shiba Inu’s increase was more modest. Investors are keeping a watchful eye on the coin, speculating on its potential market movements and the reasons behind its recent upward trajectory.
Market Momentum for Shiba Inu
Trading at $0.00003004 with a 17% uptick over the past week, Shiba Inu achieved a peak of $0.00003154 before stabilizing. Currently, the coin boasts a $17.8 billion market cap, securing the 11th spot in market rankings, and shows a $1.767 billion trading volume over 24 hours. Despite the slight increase in market value, its trading volume has seen a reduction today. Yet, today’s value represents one of Shiba Inu’s strongest in the last two years, with a significant 210% jump over the last month.
The Surge Behind Shiba Inu’s Success
Bitcoin‘s surge past $70,000 has sparked a rally among altcoins, including a notable uptick in meme coin valuations. Shiba Inu, in particular, has seen a 50% increase in large transaction activities, with total transactions surging by 516%. This jump indicates a shift from 4.79 trillion to 7.23 trillion in transaction volume.
A noteworthy aspect of this increase includes 539 transactions each exceeding $100,000, contributing to Shiba Inu’s price momentum. Among these, one significant transaction that involved the transfer of $62 million worth of Shiba Inu to a mysterious wallet linked with the Kucoin exchange sparked interest and speculation within the cryptocurrency community.