- Shiba Inu’s price has gained about 44 percent in the last 30 days with its trading volume up over 168 percent in the last 24 hours.
- South Korea’s largest crypto exchange Upbit on January 18 announced listing Shiba Inu against Korean Won (KRW).
The second largest meme coin, Shiba Inu (SHIB), has obliterated FTX losses in the past three weeks. The rally that was fueled by Bitcoin whales has continued in the past few days following the launch of Shibarium beta. According to our latest crypto price oracles, Shiba Inu’s price has gained almost 5 percent in the past 24 hours to trade around $0.000012 on Saturday and 19 percent in the last 7 days. However, the rally cooled down during the European trading session.
The Vitalik Buterin-backed meme coin went parabolic following increased FOMO traders in the past few weeks. Nonetheless, popular crypto analyst Altcoin Sherpa believes the current crypto cycle is approaching the end with a meme coin rally.
$SHIB: Time for meme coins to have a run?
(this might mean cycle is ending 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 keen to list the meme coin to attract more 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 crypto companies will go bankrupt in 2023.
Closer Look at Shiba Inu Price Action
Shiba Inu’s price has gained about 44 percent in the last 30 days with its trading volume up over 168 percent in the last 24 hours to $918 million. Interestingly, Shiba Inu has surpassed Dogecoin in 24-hour trading volume, which stands at approximately $863,607,675. Additionally, the Ethereum-based meme coin has surpassed Dogecoin in volatility, which is expected due to their differences in market capitalization.
The huge demand has advised South Korea’s largest crypto exchange Upbit to list Shiba Inu. Notably, Upbit announced on January 18 that it is listing Shiba Inu against Korean Won (KRW).
The Shiba Inu community is also thriving on the launch of a layer 2 scaling solution dubbed the Shibarium network. Notably, the Shibarium blockchain (L2) runs on top of the Ethereum blockchain and uses Shiba Inu’s ecosystem tokens including LEASH and BONE.
The Shibarium network is meant to increase on-chain activity in the Shiba Inu ecosystem as developers build scalable DeFi.
🍖 Introduction to Shibarium: Shiba Inu's Layer 2 Network — Rejoice #ShibArmy! Shibarium Beta is about to be launched, and through this article we want to introduce some basic concepts in order to provide clarity to the community.
Read more: https://t.co/mvV5iw54Ts
— Shibarium Network (@ShibariumNet) January 15, 2023
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Consequently, Shiba Inu has broken out of the year-long bear market that began at the end of 2021. A further continuation of the Shiba Inu rally could see the asset retest last August’s highs of about $0.000017. However, the rally may not be a full bull market as analysts expect another correction to usher in a multi-week consolidation.
