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Dog-themed cryptocurrency Shiba Inu surpassed the $0.00002 price point for the first time since mid-June during Friday's trading session, reaching highs of $0.00002169. Bulls attempted to extend Shiba Inu's four-day surge in Saturday's trading session with price reaching highs of $0.00002146.
As Shiba Inu defied expectations, outperforming top cryptocurrencies in the market, the price move has sparked excitement within the SHIB community. One of the key developers behind the project, Kaal Dhairya, took to X to express his enthusiasm, tweeting, "Go SHIB Go," as the token surged.
The tweet from Dhairya highlights the momentum SHIB has gained, fueled by recent positive market movements and increased interest in the Shiba Inu ecosystem. SHIB’s surge past $0.000021 represents a significant price breakout, given that Shiba Inu had seen quiet price action in recent months.
Shiba Inu seeing big rise in discussion rates
According to Santiment, altcoin euphoria continues with large caps seeing major rises in discussion rates. Shiba Inu is among the top trending projects driving markets.
The discussions around Shiba Inu and associated projects like Shibarium are soaring, contributing to its recent price rise.
Tomiwabold OlajideIn an earlier tweet, Santiment mentioned that Shiba Inu's on-chain activity had increased significantly when compared to altcoin alternatives and other meme coins. In addition to volume, circulation and whale transactions reaching 10-week highs, social dominance has increased as well.
Santiment states that for Shiba Inu to surpass its $0.000043 year-high set in February, traders should wait for the strong bullish narratives to subside slightly.
At the time of writing, SHIB was up 1.16% in the last 24 hours to $0.00001977 and up 40% weekly. Shibarium TVL has increased to $7.03 million, setting new all-time highs.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin