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Shiba Inu Spikes Sharply On Rising Volume: What's Going On

Author: Shanthi Rexaline | September 23, 2023 12:00pm

Shiba Inu (CRYPTO: SHIB) saw a sharp spike early Saturday amid an increase in volume, as the meme crypto continues to stage an uneven recovery from its mid-June lows.

What Happened: Shiba Inu, which reversed course after hitting a near-term low of $0.000007195 on Thursday, was locked in a range subsequently. The meme crypto broke above the range Saturday morning and began to rally.

At last check, SHIB rose 3.49% to $0.000007529, according to Benzinga Pro data. The rally was accompanied by a spurt in volume, which is up roughly 35% over the past 24 hours. This has helped the crypto stay in the green for a seven-day period with a modest 1.66% gain.

Why It’s Important: Shiba Inu and its sister tokens Bone ShibaSwap (CRYPTO: BONE) and Doge Killer (CRYPTO: LEASH) have not found much traction after the launch of Shibarium, an Ethereum layer 2 blockchain meant to attract users to a low-fee ecosystem that primarily revolves around financial services and gaming.

The SHIB community, however, believes that the project will grow organically and that adoption will increase little by little.

See Also: How To Buy Shiba Inu (SHIB) on Robinhood

Join Benzinga’s Future of Crypto in NYC on Nov. 14, 2023 to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!

Photo: Shutterstock

Posted In: $BONE $SHIB