Why Did Shiba Inu (SHIB) Price Rise Today?
TL;DR
- The cryptocurrency market rose and the price of the shiba inu increased by 7% on a 24-hour scale.
- The increase can be attributed to the growth of the meme coin industry, among other reasons.
The cryptocurrency market entered the green zone once again today (March 21); Bitcoin (BTC) and many other digital assets have made significant gains.
One of the popular tokens heading north was Shiba Inu (SHIB), which has declared itself the dogecoin killer. It rose 7% for the day and its market capitalization exceeded $15 billion.
SHIB Price, Source: CoinGecko
One factor that may have contributed to the price increase is the general resurgence of the meme coin industry. The market cap of the niche has increased by 15% in the last 24 hours, reaching nearly $55 billion, while leading assets of this type, including Dogecoin (DOGE), pepe Coin (PEPE), and Floki Inu (FLOKI), have doubled. numbers.
Shiba Inu may also have benefited from the revival of layer-2 scaling solution Shibarium. Daily transactions on the network reached over 83,000, up 800% from yesterday.
launched In August last year, Shibarium aims to support the development of the Shiba Inu ecosystem by reducing transaction fees and increasing speed. Those who want to learn more about this feature can check out our special video below:
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