The Shiba Inu (SHIB) coin has been performing exceptionally well in the past week, showing a significant price increase of over 17% according to data from CoinGecko. In just 24 hours, the price surged by 7%, and there are several factors contributing to this impressive rally.
Development of Shibarium
The recent progress in Shibarium, a layer-2 blockchain solution, is considered a key catalyst for the price surge. Active accounts on the network have surged by 25% in a day, with daily transactions increasing by 35% to over 4,300. Shibarium was launched last August to enhance the Shiba Inu ecosystem by improving speed, reducing transaction costs, and boosting scalability. It has achieved significant milestones like processing over 5.5 million blocks and nearing 420 million transactions, alongside recent upgrades aimed at providing a better user experience.
Whales Activity
Another significant metric on the rise is the aggregated daily volume, where transactions over $100,000 have exceeded $35 million, representing a 95% increase from the previous day. Whale activity, where large investors accumulate substantial holdings, can influence SHIB price positively by instilling confidence in other investors and creating a positive market sentiment that could attract more participants and fresh capital, potentially triggering a further rally.
Crypto Market Trends
SHIB’s price resurgence aligns with a general uptick in the wider cryptocurrency market. The global crypto market capitalization has risen by nearly 3%, surpassing $2.47 trillion. Bitcoin (BTC) briefly surpassed $65,000, marking a significant increase, while Ethereum (ETH) reclaimed the $3,400 level. Other major altcoins like Solana (SOL), Ripple (XRP), and Binance Coin (BNB) are also showing positive price movements, contributing to the overall positive sentiment in the market.
Recent Developments
Some attribute the market’s revival to recent events involving Donald Trump. Despite a recent assassination attempt, where the bullet scraped his ear during a public speech in Pennsylvania on July 13, Trump has changed his stance, positioning himself as a pro-crypto candidate, pledging to support the industry and boost America’s Bitcoin mining efforts. This shift in perspective could have positively influenced the market sentiment.
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