- SHIB sparks a 289% weekly rally, contesting DOGE for the top dog’s spot.
- SHIB Army’s favorite cryptocurrency finished February with The God Candle.
- Key on-chain metrics unfold a triple-digit surge in new addresses and more.
Shiba Inu (SHIB) stormed the crypto markets last weekend, rallying to $0.00002 on Saturday, March 2, 2024. SHIB’s God Candle on the weekly charts pictures a 120% increase in SHIB’s price since February 29, 2024.
Fetching 289% gains over the past seven days, SHIB revisited a price range unseen since early May 2022. Furthermore, the massive SHIB price rally strides along with the 397% weekly increase in new crypto wallet addresses. As depicted in the chart below, the triple-digit upswings in active and new wallets showcase a similar network growth to that of mid-2021.
Shiba Inu’s parabolic 206% weekly run now sustains a $17,228,783,888 global market capitalization for SHIB at #11. Meanwhile, Dogecoin’s 102% weekly bull rally has saved the largest canine coin the #10 spot.
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SHIB is approximately $8 billion away from claiming the top dog spot from DOGE. SHIB’s market cap is $7 billion above the popular Layer-2 Polygon (MATIC), now encircling a $10,429,978,595 cap at a $1.17 MATIC price.
Bulls Take Over Amid New PartnerSHIB
As Shiba Inu sustains the bullish breakout, SHIB’s lead developer Shytoshi Kusama hinted at a new partnership. Shy took to X to let his fans know he has “a full day of meetings with some new frens we’ve recently made.”
Further on, Shibarium’s leading developer proclaimed, “It’s time we level up and showcase our true power.” While it’s unknown what kind of new collaboration the lead dev is talking about, it’s likely to be by Shibarium’s growth. Aiming to onboard 1,000 new DeFi projects, Shiba Inu’s Layer-2 public blockchain has soared to $1.58M in Total Value Locked (TVL), the best since Shibarium’s inception in August 2023.
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At press time, SHIB, today’s hottest altcoin according to the top gainer list, is changing hands at $0.00003568 with a whopping 62.5% blast-off over the last 24 hours, with a 21% of the price boost added over the past hour. On top of that, Shiba Inu’s massive gains shine even brighter in the weekly and monthly perspectives, with 220.5% and 243.5% profits, respectively.
On the Flipside
- Shiba Inu custodians have significantly contributed to the upward trend, with 89,073,653 SHIB tokens set ablaze over the past 24 hours in 6 burn transactions.
- The Shiba Inu community awaits an auto-burning mechanism on Shibarium L2 to maintain the canine coin’s scarcity and meet the ecosystem’s potential.
Why This Matters
Shiba Inu’s growth from a memecurrency to a self-sustaining digital ecosystem has put SHIB among the TOP 10 contenders.
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