Shiba Inu Indicator Jumps 500% Amid SHIB Price Rise

SHIB is up 20% on a weekly basis, while important metrics related to its ecosystem are also surging.

long story short

• The cryptocurrency market is booming, with Bitcoin, Ethereum, and especially Shiba Inu (SHIB) seeing significant gains.

• Shibarium's performance and a significant increase in SHIB's daily trading volume, backed by analysts' optimistic price forecasts, hint at a bullish future for the asset.

  Cryptocurrency markets have started to boom again over the past few hours, with Bitcoin (BTC) surpassing the $71,000 mark and Ethereum (ETH) surging above $3,600.

Things are more positive in the memecoin niche, with Shiba Inu (SHIB) being one of the top performers. Its price rose 7% in 24 hours and 20% in a week.

Some important indicators related to the self-proclaimed Dogecoin killer also declined. Data shows that the daily transaction volume of the second-layer expansion solution Shibarium has soared to more than 400,000. This represents a 500% increase compared to the numbers observed the previous day.

Officially launched last August, Shibarium aims to give Shiba Inu an edge over its competitors by increasing speeds and lowering transaction fees.​

In the past few months, it has achieved many milestones, such as total transaction volume crossing the 400 million mark.

In addition to Shibarium's resurgence, Shiba Inu is also seeing another triple-digit growth. According to IntoTheBlock, SHIB’s total daily trading volume (over $100,000 per trade) surged by 220%.

Meanwhile, the cryptocurrency market continues to rise (as of this writing) and it will be interesting to see if the Shiba Inu can post bigger gains in the coming days.

Analysts including X users SHIB KNIGHT and JAVON MARKS recently predicted that if investors continue to accumulate holdings at the same rate, the price of meme coins may surge in the near future.