Shiba Inu Surges Over 30%, Hits Highest Price Since April

After the bearish lull experienced by the crypto market, Shiba Inu’s upward trend has pleasantly surprised investors. SHIB has surged over 30% in the last few days, touching its highest level since April 2022. 

A number of large whales buying SHIB led to the surge in its volume. The loyalists of the token, popularly known as the SHIB Army, have been celebrating the fact that SHIB has overtaken Avalance to become the 12th largest cryptocurrency in the world, as $1.5bn enters SHIB’s market cap.

Whalestats, the website that provides free data on crypto whales, has tracked over 100 whales for Shiba Inu and revealed that SHIB has 1,207,269 holders. Going forward, investors are expecting a lot of price action as the market anticipates the surge to go up to 40% to 50%. 

As more and more capital pours into the cryptocurrency space, all the big tokens are going to see a positive impact. Market analysts seem to think that Shiba Inu, the Ethereum-based altcoin, has a major catalyst right now, the upcoming launch of their layer two Shibarium.

Recent Developments Before SHIB’s Surge

Recently, the company released Shiba Eternity, a card game that has been in development for over two years. The card game is also being tested live in Vietnam and could go to Indonesia next. 

SHIB also tweeted, “​​We are pleased to announce that Binance has added SHIB to the list of supported tokens for the Binance Card issued in Europe.”

The SHIB army is also celebrating the fact that Shiba Inu has overtaken Dogecoin on Twitter in terms of followers.

On the Flipside

  • The Twitterati is wondering if they should sell SHIB before Shiba Inu launches Shibarium. 

Why You Should Care

The investors seem to think this is just the beginning for SHIB as they expect it to be the number one token soon.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Akriti is a Zurich-based reporter, focused on the political, regulatory, and legislative developments around crypto. She is a business journalist with over six years of experience working as a correspondent for organizations like Channel NewsAsia and Bloomberg TV India. In that time, Akriti has covered news in the finance, pharma, and state sectors.