In an astonishing turn of events, Shiba Inu (SHIB), once dismissed as a mere dull coin, has surged to the 11th rank in terms of market capitalization, firmly establishing itself as more than just a meme-based entity. The coin has shattered the $6 billion milestone, lending credence to its claims of possessing substantial value. Impressively, the market valuation of SHIB has skyrocketed by an impressive 32%.
Adding to the fervor, the open interest has doubled, reaching a noteworthy $101.65 million, the highest figure since February 5.
Shib Inu Price Analysis
According to recent market reports, the market capitalization of SHIB has now reached a staggering $6,388,003,624, accompanied by a robust trading volume of $593,528,650. This surge in market activity is primarily due to a considerable influx of investments into this cryptocurrency with a focus on memes. Notably, within a mere 24 hours, the dog-themed coin has witnessed a remarkable surge of 8.15%.
Continuing its upward trajectory, SHIB has experienced a substantial 20% surge in value over the past week. This consistent progress brings the coin closer to the coveted $1 mark, currently trading at $0.00001083. Worth highlighting is the astounding investor interest, resulting in a whopping 1,194% increase in inflow, while major investors have been amassing Shiba Inu coins.
The Hype for Shibarium Doesn’t Stop!
What next? Mark your calendars for August 15-16, as the eagerly awaited “Summer of Shibarium” is set to debut during the Blockchain Futurist Conference in Toronto, Canada. The expectations are high with Shibarium as a layer-2 security and investors are hopeful that the event will take away its meme coin tag. These positive changes ahead of the event are really significant as SHIB will be among the major sponsors of the event.
Its pseudonymous leader Shytoshi Kusama will also be delivering a speech at the event using AI technology to mask his identity. Shibarium is a much-awaited Layer-2 solution and according to Kasuma, three fresh “partnerships” are lined up, one of which is already signed. These will witness an inflow of valuable experts as announced by Shytoshi in a Telegram message. The other two partnerships are also expected to be announced soon.
Is Kasuma Taking a Jab at Elon Musk?
According to Kasuma, both SHIB and Shibarium stand as monumental entities within the blockchain realm. Their unique stature is irreplicable, making attempts to mimic their success futile. Notably, Kasuma’s recent statement, seemingly pitting “SHIB>X” against Elon Musk‘s social media app, was clarified as a warning against copying Shibarium, with no correlation to the “X.”
What do you think of SHIB’s recent surge in price? Do you think it has the potential to reach $1?
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Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.