Shiba Inu (SHIB), a popular meme cryptocurrency, saw its value spike 5% over the last 24 hours. With the most recent price spike, it has managed to outperform most other major altcoins, according to data from CoinGecko.
The Dogecoin competitor is currently ranked 15th by market capitalization. Other major altcoins have seen little volatility over the past 24 hours.
Shiba Inu's market cap stands at approximately $5 billion, with 24-hour trading volume reaching $240 million. Despite this recent uptick, the coin's value remains significantly lower than its peak in 2021.
Overall, the crypto market appears to be in a state of flux, with a few coins showing significant short-term changes, while others remain relatively stable.
Summer of Shibarium?
Speculation is rife that the sudden price surge is linked to anticipation around Shiba Inu's forthcoming blockchain project, Shibarium. The Shiba Inu team has been fanning the flames of the so-called "Summer of Shibarium," even as it has yet to announce a definitive launch date for the project.
Tomiwabold OlajideShibarium is slated to be a Layer-2 solution that will provide a faster and less costly alternative to the Ethereum network, the platform on which the Shiba Inu coin was originally launched.
Despite the lack of a clear launch date, excitement within the Shiba Inu community remains high. Adding to this anticipation, the Shibarium project recently introduced its Beta Bridge for public testing.
As optimism continues to grow, the market remains cautious. Tokens such as BONE and SHIB are still far from their previous 2021 highs.
Tomiwabold Olajide
Dan Burgin