Shiba Inu Price Surged By 60% In Single Day

The recent surge in the price of Shiba Inu ( SHIB ) has caught the attention of many investors and cryptocurrency enthusiasts alike. In a single day, the value of SHIB surged by an impressive 60%, bringing it halfway to its all-time high value. This is a remarkable achievement for the meme coin which has been performing exceptionally well in recent times.

Several other meme coins have also been performing well in the past few days, with some even crossing their all-time high values. Weekly trading volumes for some of these coins have also surged by up to 3000%. However, Shiba Inu ( SHIB ) stands out as one of the top-performing meme coins due to its recent surge in value.

At present, SHIB is trading at $0.00004083, which represents a 70% increase in its value from the previous day. Over the past week, the price of SHIB has risen by an impressive 283%, with a trading volume of $13,338,944,678. This represents a massive surge in trading volume, compared to the $617.67 million trading volume recorded on February 28th.

Following the recent surge, SHIB has climbed up the rankings on CoinMarketCap to become the 10th most popular cryptocurrency, with a market cap of $22,869,329,619. This surge has pushed Shiba Inu's valuation to $25 billion, putting it in close proximity to Dogecoin's valuation of $27 billion.

The recent surge in the price of Shiba Inu ( SHIB ) can be attributed to several factors. For starters, Shiba Inu ( SHIB ) is the second-largest meme coin after Dogecoin, also known as the "Dog-Killer." Other meme coins such as Bonk and Floki Inu have also gained significant attention, contributing to the bullish market for meme coins, including $SHIB.

Another significant factor contributing to the surge in SHIB 's value is increased buying activity in the market. According to Spot-On-Chain, the founder of MakerDAO, Rune Christensen, recently purchased 7.41 billion SHIB worth 100K USDC on March 1st, which was responsible for an initial 60% increase in the coin's value. Later on, he purchased an additional 17.629 billion SHIB with 400K USDC, contributing to a further 20% increase.

The launch of SHIB Identity, which is designed to incorporate Self Sovereign Identity (SSI) into Shiba's projects, is another significant development that is expected to cause a surge in the value of $SHIB. This is scheduled to launch on November 1st, 2024.

In conclusion, the recent surge in the price of Shiba Inu ( SHIB ) is a remarkable feat that has caught the attention of many investors and cryptocurrency enthusiasts. While the value of SHIB seems to be slipping a little from its peak of $0.00004438 earlier, it remains to be seen what the future holds for this meme coin and whether it will continue to rise or fall.