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In a remarkable turn of events, Shiba Inu (SHIB), the cryptocurrency born out of internet meme culture, has orchestrated an astonishing ascent, boasting an impressive 20% surge within the past week.
SHIB has firmly positioned itself as the frontrunner among the top 100 cryptocurrencies in terms of market gains over the aforementioned week leading up to August 11. Evidencing this surge, the trading volume for SHIB has soared to an impressive $326 million within the past 24 hours, as meticulously documented by CoinMarketCap.
Notably, trailing behind SHIB’s meteoric rise are several other contenders vying for prominence in the weekly performance arena. Securing the second spot in this competitive race is OKB (OKB), displaying a commendable 14% surge in value.
Following suit is THORChain (RUNE), flaunting a substantial 12% spike, closely pursued by dydx (DYDX) with an 11% uptick, and culminating with Hedera (HBAR) garnering an 8% gain throughout the course of this week’s trading activities.
Why is SHIB climbing?
The recent surge in Shiba Inu’s value can be attributed to a confluence of factors, among which the burgeoning developer activity within its blockchain network emerges as a particularly influential driver.
Unveiling insights from Kaiko, it’s evident that SHIB has orchestrated an impressive climb of over 25% since the onset of July, spurred by a notable surge in developer engagement across the network. This revelation, unveiled by the digital asset data provider on August 9, highlights the pivotal role played by enhanced developer activity in propelling SHIB’s ascent.
Of significant importance is the surge in developer involvement transpiring on the Shiba Inu network, coinciding strategically with the impending rollout of Shibarium upgrade.
This much-anticipated upgrade stands as a cornerstone within the meme cryptocurrency’s ecosystem, poised to usher in a host of transformative advantages. These encompass swifter and more economical transactions, fortified scalability to accommodate increased user demands, and an elevated standard of network security.
Inevitably, such an evolution could stoke heightened demand for SHIB, thereby laying the groundwork for a potential revitalized price surge.
Against the backdrop of this noteworthy price rally, a compelling dynamic emerges as the volume of SHIB tokens held by retail investors attains an unprecedented pinnacle.
SHIB price analysis
Presently, the SHIB token exhibits a trading value of $0.00001004, marking an impressive surge of 3.25% over the preceding 24-hour period. Noteworthy is Shiba Inu’s established support level at $0.0000092, coupled with a discernible resistance ceiling at $0.00001.
As the market unfolds, investors are likely to keep a watchful eye on developments related to the impending Shibarium upgrade. Anticipation looms that a positive announcement in this regard could potentially propel SHIB’s valuation beyond its existing resistance threshold.
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