The Shiba Inu reversed the market-wide trend, gaining up to 5% in the last 24 hours prior to the Shibarium distribution.
SHIB Gains Its Users In The Stagnant Market
Shiba Inu (SHIB) was among the top performing cryptocurrencies last week amid the lowest volatility conditions for Bitcoin (BTC).
Compared to nominal gains in Bitcoin and Ethereum (ETH), SHIB delivered about 20% returns to investors last week. Among alternative currencies, higher returns were achieved only by rollbit (RLB) and unibot (UNIBOT).
On the other hand, Dogecoin is also known to be in a high correlation with SHIB. The fact that SHIB has experienced such a rise in recent days, but DOGE has also caught the attention of analysts.
Here is our article on the subject:
On the other hand, trading volumes on SHIB reached $315 million in a 24-hour period on Thursday, reaching their highest point since February.
Crypto analytics firm Kaiko pointed to increased developer activity on Shiba Inu earlier this week, suggesting that the price spikes are not without reason.
Investors of Memecoin may be buying tokens ahead of the expected launch of Shibarium, a Shiba Inu-based blockchain, this month.
It's been part of the recent bullish sentiment when developers said last week that they'll be linking digital authentication to all future Shiba Inu developments, including the Shibarium.
*Not investment advice.