• Shiba Inu’s trading volume increased drastically over the weekend and its Altrank hit #1.
• Whale activity around SHIB was high, and other metrics remained bullish.
• The upcoming event related to Shibarium is a likely reason for SHIB’s rally.
Shiba Inu’s Trading Volume Reaches Highest Level
Shiba Inu [SHIB] has seen a significant surge in its price as well as its trading volume reached the highest level since February 2023 with buying pressure on the token increasing. This increase in price could be attributed to the upcoming event related to Shibarium which is expected to have major announcements.
Altrank Hits #1 for Shiba Inu
The memecoin became the top crypto in terms of multiple metrics as it decoupled from the market and its Altrank hit #1, which was a major bullish signal. Whale activity around SHIB was high, and other metrics remained bullish, further driving up interest in SHIB tokens.
Major Announcements Related to Shibarium
The upcoming event related to Shibarium is likely a driving force behind this surge as it will have major announcements related to it. Santiment posted a tweet highlighting that Shiba Inu managed to pump its price by more than 51% in just under four weeks while LunarCrush also noted that SHIB had hit #1 AltRank due to its social and market activity remaining on top.
Price & Market Capitalization of Shiba Inu
At press time, Shiba Inu’s price shot up by over 14% and 7% in the last seven days and past 24 hours respectively with a market capitalization of more than $5.7 billion.
Conclusion
Overall, this rally of Shiba Inu could be attributed to an increase in buying pressure due to whale activity along with anticipation for major announcements at the upcoming Shibarium event while its Altrank hitting #1 served as a major bullish signal for investors interested in SHIB tokens
