Shiba Inu (SHIB) has experienced a remarkable surge in price, increasing by over 350 percent in the past two weeks. This surge indicates that the bulls have taken control after two years of a bear market. The introduction of the Shibarium scaling solution has attracted more web3 developers to the Shiba Inu ecosystem, resulting in a total value locked (TVL) of over $1.8 million.
SHIB, the second largest meme coin following Dogecoin (DOGE), which is backed by Elon Musk, has seen significant gains in recent weeks. The demand for meme coins has led to SHIB’s daily trading volume surpassing $12 billion, resulting in a volume-to-market cap ratio of over 61 percent.
According to Shytoshi Kusama, the lead developer of Shiba Inu, the substantial growth of SHIB can be attributed to the team’s vision, strong supporters, major partnerships, and successful execution of the plan.
In the past two years, Shiba Inu has transformed from a meme coin driven by speculative trading to a utility coin. The launch of the Shibarium scaling solution last year has attracted nearly $2 million in TVL from various web3 protocols. As a result, Shiba Inu’s auto burn rate has significantly increased, aligning with the adoption of Shibarium.
To ensure sustainable future growth, lead developer Kusama announced that a new product will be released to enhance the mass adoption of SHIB. While the details of the upcoming product have not been disclosed, this announcement has sparked speculation among the Shibarmy community.
Kusama is confident that Shiba Inu will achieve a market capitalization of $100 billion during this cycle, solidifying its position as a major altcoin with deep liquidity. The recent influx of cash into the crypto market, driven by investors seeking refuge from fiat inflation, indicates that the bull rally will continue in the coming quarters.
Benefitting from the overall bullish sentiment in the crypto market, Shiba Inu’s price has surged. As the largest meme coin on the Ethereum ecosystem, SHIB has rallied over 350 percent in the past two weeks, reaching a price above $0.0000347 on March 6, 2024.
With a fully diluted valuation of approximately $20 billion, SHIB only needs to rally 50 percent to reach its all-time high achieved during the 2021 bull rally. The SHIB/USD derivative has seen its weekly Relative Strength Index (RSI) rise above the 70 level for the first time since October 2021, indicating that the SHIB bulls are firmly in control after a prolonged bear market.
The growth of Shiba Inu is supported by factors such as whale accumulation, increased auto burn rate, significant partnerships, and the ongoing frenzy surrounding meme coins. However, the Shibarmy community is concerned about the rise of other meme coins like FLOKI, PEPE, and dogwifhat (WIF).
