Shiba Inu’s ascent is fueled by investor interest, which has earned it a prominent position on CoinMarketCap, the authoritative cryptocurrency price-tracking platform.
Shiba Inu (SHIB) has seen a substantial increase in investor interest, propelling it to the top four trending assets on CoinMarketCap (CMC), the industry’s main crypto price-tracking platform.
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Notably, SHIB has ranked near the bottom of CMC’s trending list for the last 30 days, trailing only STMX, Bitcoin (BTC), and Terra Classic (LUNC).
$SHIB is ranked #4 on Coinmarketcap (30 days timeframe) pic.twitter.com/zg284itJ9S
— $SHIB KNIGHT (@army_shiba) July 4, 2023
SHIB Knight, a renowned Shiba Inu community member, recently posted a picture of CoinMarketCap’s top crypto rankings over the last 30 days, emphasizing SHIB’s outstanding performance. During that time, SHIB’s price increased by more than 1%, mirroring the price motion of Bitcoin (BTC).
Shibarium Launch Generates Excitement for Shiba Inu (SHIB)
One community member credited SHIB’s increased popularity to the long-awaited release of Shibarium, the Shiba Inu ecosystem’s layer-2 scaling solution.
Shytoshi Kusama, the chief developer of Shiba Inu, revealed in May that the release of Shibarium is coming faster than predicted. Furthermore, Kusama recently hinted at a new debut date, indicating Shibarium’s launch strategy.
SHIB’s recent CoinMarketCap achievements come on the heels of a huge purchase by a large SHIB whale. The 20th-largest SHIB whale purchased approximately $1.22 million in Shiba Inu in a single transaction, increasing demand for the asset.
Furthermore, IntoTheBlock data shows a significant increase in daily addresses on the Shiba Inu network during the second quarter of the year, indicating increased investor participation alongside the building hype surrounding the upcoming Shibarium launch.
SHIB is currently trading at $0.00000777, a 2% rise over the last seven days. However, it has experienced a 10.06% drop in the last 30 days. Shiba Inu’s short-term goal is to recover the $0.000008 price range, with the ultimate goal of recapturing $0.00001.
Read Also: 5 Trillion Monthly Burns Target: Shiba Inu Team Reveals How Shibarium Will Boost SHIB Burns
Shibarium Launch Piques Investor Curiosity and Bolsters SHIB’s Appeal
The impending release of Shibarium, the much-anticipated layer-2 scaling solution inside the Shiba Inu ecosystem, has piqued the curiosity of investors. The community has been buzzing since main developer Shytoshi Kusama disclosed tantalizing details regarding the launch approach. The potential of a more efficient and scalable network has fueled optimism and elevated Shiba Inu to the status of an appealing investment opportunity.
This increased interest is heightened by a huge whale’s significant buy of SHIB, as well as the exponential growth in daily addresses on the Shiba Inu network. With Shibarium on the horizon, investors are looking forward to the next stage of Shiba Inu’s growth.
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