Shiba Inu outperforms DOT and LTC to place 12th as the SHIB army prepares for Shibarium. SHIB is on fire right now, printing a massive 4-hour candle gain of 22% in just 4 hours.
Shiba Inu’s price has increased significantly today, rising over 22% in just 4 hours.
Bulls appeared to be worn out following a surge to $0.00001111 last week, and the price was beginning to decline when it faced resistance at $0.00001088.
SHIB, however, was able to overcome this obstacle today thanks to strong momentum that resulted in a big 4-hour candle that saw the price soar from $0.00001052 to a high of $0.00001289.
At the time of publication, the asset was trading at $0.00001249, up 40.46% for the previous seven days and 18.84% over the last 24 hours; however, it has given back part of these gains.
Remarkably, the price rally was accompanied by an equal increase in market capitalization.
It reached a high of $7 billion in the last few hours, overtaking Polkadot (DOT) and Litecoin (LTC) to take the 12th spot among all cryptocurrency projects by market size.
At the time of publication, it had given up some of its gains, but it still had a market valuation of an astounding $6.89 billion, up 19.06% from the previous day.
It still ranks comfortably above Litecoin but is currently 13th, below Polkadot.
Price Surge as Shibarium Launch Trends
Shiba Inu’s impressive run has been noticed, as expected. As a result of multiple fans using the social media platform to express their joy at the most recent price movement, the hashtags Shibarium and ShibaArmy are trending with 15.9k and 1,282 tweets, respectively.
The most recent price increase coincides with the Shiba Inu team’s recent disclosure of new details relating to Shibarium, the eagerly anticipated Layer 2 protocol.
For instance, they shared ideas for chain-specific NFTs and plans for a new SHIB burn gateway that will burn SHIB off the base charge of each transaction on the network.
The team has also reaffirmed that the beta version of the project is about to open, describing plans for a private testnet where users can get BONE test tokens to conduct transactions on Shibarium Beta.
As more information emerges, it will be fascinating to see how the SHIB price responds. The token’s price for this year has already been lowered by one zero.