thecryptobasic.com
SHIB is on a tear, printing a huge bullish 4-hour candle Gains 22% In 4 Hours.
Shiba Inu has seen a price surge today, gaining nearly 22% in 4 hours.
After a previous rally to $0.00001111 last week, bulls showed signs of exhaustion, and the price looked to start stepping down, facing resistance at $0.00001088. However, SHIB today has managed to break through this resistance with momentum forming a massive 4-hour candle that saw the price jump from $0.00001052 to a high of $0.00001289.
At press time, the asset has given away some of these gains, trading at the $0.00001249 price point, up 18.84% in the last 24 hours and 40.46% in the last seven days.
Notably, the price rally also led to a corresponding surge in market capitalization. At one point in the last few hours, it rose as high as $7 billion, flipping Litecoin (LTC) and Polkadot (DOT) to rank 12th among all crypto projects by market cap. However, at press time, it has also given away some gains here but still boasts an impressive $6.89 billion market cap, up 19.06% in the last 24 hours. It remains comfortably above Litecoin but is now behind Polkadot, ranking 13th.
Unsurprisingly, Shiba Inu’s massive run has not gone unnoticed. The Shibarium hashtag is trending with 15.9k tweets, and ShibaArmy trends with 1,282 tweets, as several users have taken to the social media app to share their excitement about the latest price action.
#Shiba took the 12 spot and flip DOT..🔥🔥🚀🚀 #Shibarium #ShibaArmy pic.twitter.com/1SpfLGzRrH
— Qurtis🇿🇦shiba (@SKhanyeza) January 18, 2023
The latest price surge comes as the Shiba Inu team recently revealed new details about Shibarium, the long-anticipated Layer 2 protocol. For example, they have revealed plans for a new SHIB burn portal that will burn SHIB from the base fee of every transaction on the network while also sharing plans for chain-specific NFTs.
In addition, the team has reiterated the near launch of the beta version of the project, outlining plans for a private testnet where users can receive BONE test tokens to carry out transactions on Shibarium Beta.
It will be interesting to see how the SHIB price reacts as new developments come. The token has already eliminated one zero from its price this year.