- The Shiba Inu’s price is up 44 percent in the last 30 days and its trading volume is up more than 168 percent in the last 24 hours.
- Upbit, the largest cryptocurrency exchange in South Korea, announced on Jan. 18 that it is listing Shiba Inu against the Korean won (KRW).
The second largest meme coin, Shiba Inu (SHIB), has erased FTX’s losses over the past three weeks. The rally that was fueled by Bitcoin whales has continued in recent days following the release of the Shibarium beta. According to our latest cryptocurrency price oracles, the Shiba Inu price has gained almost 5% in the last 24 hours to trade around $0.000012 on Saturday and 19% in the last 7 days. However, the rally cooled off during the European trading session.
The Vitalik Buterin-backed meme coin went parabolic following the surge in FOMO traders in recent weeks. However, popular crypto analyst Altcoin Sherpa believes that the current crypto cycle is nearing the end with a meme coin rally.
$SHIB: Is it time for meme coins to have a race?
(this could mean that the cycle will end soon) pic.twitter.com/Jln6pPKBZu
— Altcoin Sherpa (@AltcoinSherpa) January 18, 2023
With approximately 1,283,838 holders, according to on-chain data provided by ethplorer.io, Shiba Inu has attracted both novice and experienced investors. As such, both centralized and decentralized exchanges are eager to list the meme coin to attract higher trading volume. Furthermore, Jeremy Allaire, the CEO of Circle, in an interview with CNBC’s Arjun Kharpal at the World Economic Forum in Davos, Switzerland, said that more cryptocurrency companies will fail in 2023.
A Closer Look at Shiba Inu Price Action
The Shiba Inu’s price is up 44 percent in the last 30 days and its trading volume is up more than 168 percent in the last 24 hours to $918 million. Interestingly, Shiba Inu has outperformed Dogecoin in 24-hour trading volume, which amounts to approximately $863,607,675. Also, the Ethereum-based meme coin has outperformed Dogecoin in volatility, which is expected due to their differences in capitalization. market.
The huge demand has advised the largest cryptocurrency exchange in South Korea, Upbit, to list the Shiba Inu. Notably, Upbit announced on January 18 that it will list Shiba Inu against Korean Won (KRW).
The Shiba Inu community is also thriving with the release of a Layer 2 scaling solution called the Shibarium network. In particular, the Shibarium (L2) blockchain runs on top of the Ethereum blockchain and uses the Shiba Inu ecosystem tokens, including LEASH and BONE.
The Shibarium network is set to increase on-chain activity in the Shiba Inu ecosystem as developers build scalable DeFi.
🍖 Introduction to Shibarium: Shiba Inu Layer 2 Network — Rejoice #ShibArmy! Shibarium Beta is about to be released, and through this article we want to introduce some basics to bring clarity to the community.
Read more: https://t.co/mvV5iw54Ts
— Shibarium Network (@ShibariumNet) January 15, 2023
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Consequently, Shiba Inu exited the year-long bear market that began in late 2021. A further continuation of the Shiba Inu rally could see the asset retest last August’s highs of around $0.000017. However, the rally may not be a full bull market as analysts expect another correction to usher in a multi-week consolidation.
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