TL;DR
The rally of Shiba Inu (SHIB), witnessed in the past few days, seems to be going strong. The asset’s price is well in the green today (March 4), surging by 30% in the last 24 hours and 180% on a weekly scale.
In addition, SHIB’s market capitalization exceeded $16 billion for the first time in two years, making it the 12th biggest cryptocurrency.
The impressive performance surrounding the second-largest meme coin does not end here. According to CoinGecko’s data, SHIB’s daily trading volume has reached $5.4 billion at the time of this writing, thus surpassing some leading altcoins.
Solana’s SOL has experienced a trading volume of around $3.2 billion for the same period, Ripple’s XRP has accounted for $2.1 billion, while Cardano (ADA) lags with $1.2 billion.
Shiba Inu’s gains coincide with the spike of numerous indicators related to its ecosystem. As CryptoPotato reported, the asset’s burning rate exploded by 30,000% at the end of last week, while total transactions on Shibarium near the 400 million mark.
The latter is a layer-2 scaling solution designed to elevate SHIB above its rivals by lowering transaction fees and improving speed. More information about the network could be found in the video below:
The overall market revival and the frenzy surrounding the meme coin sector signal that SHIB might be on the verge of a further price explosion.
