Shiba Inu (SHIB) is meme-inspired crypto experiencing a rise in value, with a 15.2% increase in 24 hours and 31.2% in the past week. Despite its small market cap, it’s currently the 14th largest digital asset, priced at $0.000012.
The trade volume for the supposedly Dogecoin-killing cryptocurrency has significantly increased. With a nearly 200% rise in 24-hour trading, most of these deals are hosted by the exchanges Binance and Coinbase.
Shiba Inu (SHIB) Price Soars
The value of SHIB has recently risen, which is not unusual in the crypto market. Actions frequently expand rapidly after the industry giants, such as Bitcoin and Ethereum. This might result from traders putting their winnings from more significant assets back into smaller ones.
According to Santiment data, the number of SHIB coins transferred to exchanges increased significantly on January 10. Over 14 trillion coins were deposited on deals on this single day alone. This might mean that the holdings are sold in the futures market rather than used to open derivatives positions.
However, if long holdings start to liquidate, an increase in futures trading might also result in a rise in volatility.
Shiba Inu team announced the development of Shibarium, a layer-2 network operating on Ethereum.
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The shiba team acknowledged its perception as a price-pumping tool. The group clarified that the project focuses on reducing costs and increasing transaction speeds in its ecosystem.