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Shiba Inu has broken its 22-month highs with a 121% rally to trade above $0.00002, sparking massive celebrations from community members.
Shiba Inu Rallying 121%
In the last 24 hours, Shiba Inu broke above the $0.00002 threshold with an explosive rally not seen in months. In particular, $SHIB has grown from a low of $0.00001266 to as high as $0.00002098 within the past day.
This price performance translates to a significant 65.78% growth, influenced by crypto market participants exchanging over $4,231,240,004 in the last 24 hours.
Notably, this trading volume reflects a 138.40% increase compared to the value recorded on the previous day.
Meanwhile, Shiba Inu’s price performance is even more spectacular on the seven-day scale. In particular, $SHIB recorded a low of $0.000009486 on February 24.
However, precisely seven days later, the asset had grown explosively by 121.16% to its current 24-hour peak of $0.00002098.
According to historical data, the last time Shiba Inu witnessed the $0.00002 range was around May 2022. Essentially, the asset has broken a 22-month high within the past day.
$SHIB Army Celebrates
This commendable trajectory has sparked massive celebrations from the Shiba Inu community, with the lead developer, Shytoshi Kusama, joining the merrymakings.
Taking to X, Kusama posted a celebratory gif containing the inscription telling the $SHIB Army, “Let’s f*cking go!”
#SHIBARMY pic.twitter.com/ZBgwSBzUny
— Shytoshi Kusama™ (@ShytoshiKusama) March 2, 2024
Likewise, the Shiba Inu official X account shared a similar message, urging the $SHIB Army, “Go with the flow. It’s all about vibes.”
In parallel, prominent Shiba Inu market analyst $SHIB KNIGHT celebrated the performance. He posted a graph that showed how $SHIB engineered a long greenish candle from below $0.00001 to above $0.00002.
$SHIB $SHIB $SHIB 🔥🚀🚀 pic.twitter.com/sbDJp2UZBv
— $SHIB KNIGHT (@army_shiba) March 2, 2024
Recall that just five days ago, $SHIB KNIGHT had forecasted this rally by arguing that Shiba Inu would break from its long bearish trend.
While $SHIB was within the $0.000009 range, he targeted a price of $0.000022, which has largely materialized.
Factors Propelling Shiba Inu
Shiba Inu established these performances by mirroring Bitcoin’s recent rallies that shattered the 2021 highs.
Another factor is a groundbreaking partnership that the Shiba Inu ecosystem recently secured with Zama, a prominent firm at the forefront of privacy solutions.