SHIB is the second-leading meme coin in the virtual digital asset space and has seen a huge spike in its fame amid long-term holders. Shiba Inu value sprung the market-wide downtrend and produced 12% profit for investors since the beginning of 2021.
The volumes of Shiba Inu held by account addresses holding Shiba Inu have increased consistently over the previous year. On the other hand, investors holding Shiba Inu for less than a year decreased.
The SHIB community anticipates the roll-out of the layer-2 scaling solution Shibarium; the increase of Shiba Inu by long-term holders has accelerated. SHIB was one of yesterday’s best performers, and the meme coin is trading near its three-month high. Regardless of the failure in the universal virtual digital asset SHIB sprung the market-wide downtrend.
SHIB is celebrating a huge rally that hit more than 16% in the last twenty-four hours. SHIB hit as high as 0.001457 dollars earlier this morning from a twenty-four-hour low of 0.00001232 dollars, according to Coin’s market cap. Shiba Inu is trading at 0.00001373 dollars during publishing, an increase of 10.2% in the last twenty-four hours.
However, the Coin market cap data indicates the price of SHIB has traded below its twenty-four-hour high. Its currency class continues to be the best performer among the top fifty coins on CMC, and trade volume expanding by 88%over the last twenty-four hours.
The Former United States Congressional Candidate Responds
The SHIB community has taken to Twitter to respond to the huge rally of SHIB. Responding to the growth, the former U.S. Congressional candidate and founder of Gokhshtein Media, Mr. David Gokhshtein, stated that the thirteenth biggest virtual digital asset, according to CoinmarketCap, is increasing.
David Gokhshtein further emphasized that the SHIB value rally usually influences other meme coin-based virtual digital assets to grow. The former U.S. Congressional candidate and founder of Gokhshtein Media announced SHIB would go parabolic in the next bullish market. Focusing on his widespread care for the meme coin, Mr. David Gokhshtein pronounced himself the unofficial head of SHIB.
What is Propelling Shiba Inu’s Value?
Many factors, including the huge whale appetite and the Shibarium launch, could be accountable for the recent value hike of Shiba Inu. As reported earlier, SHIB overturned MATIC to become the most exchanged virtual digital asset among the top one hundred ETH holders. Data from WhaleStats also indicated that these deep-pocketed investors reserve a whooping total of 631.2 million dollars worth of Shiba Inu tokens.
Meanwhile, Shiba Inu’s developers of the SHIB layer-2 protocol Shibarium eventually explained why the public beta protocol had yet to go online. Instead, the Shiba Inu developers announced it was focused on upgrading its Oracle of Oracles application and getting it ready for use on Shibarium. The developers further promised the Shiba Inu community that the Shibarium Beta roll-out date is drastically coming to pass.
What Investors Should Expect from SHIB
Leading doggy-themed virtual digital asset Shiba Inu continues to celebrate a high connection with BTC. Shiba Inu is currently 0.97 linked with BTC, according to information from the crypto asset intelligence tracker, CoinGecko.
However, the SHIB-themed digital asset relationship with Bitcoin could negatively impact the virtual digital asset uptrend unless competitors push the crypto asset higher.
After a huge retracement in BTC in a reflex reaction to virtual crypto asset traders, Bitcoin has re-entered the 23,000 dollar level, and SHIB is probably to withstand its uptrend if BTC maintains above the major psychological mark of 23,000 dollars.